CNCE has issued a secondary offering to raise around $52 million dollars in additional capital. The company is issuing 3.3 million shares, and an additional 495,000 thousand shares, as an over allotment that the underwriters can purchase at the public price (less discounts and commissions) within 30 days. The CEO has stated that they planned on retiring the $7 million in debt this year. After the company completes this offering, and assuming that the underwriters do take the additional 495,000 shares, the company should net around $46 million after all expenses on the offering, and an additional $6 million on the over allotment. Once the company retires the $7 million debt, they should have approximately $120 million cash on hand with zero debt. The timing was right for this offering. The company is taking advantage of a hot biotech market, (their stock hit a new high just this week at $18.29) to complete this offering. Thank you for reading.
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