Exact Sciences Floats New Stock Issue

Exact Sciences (NASDAQ: EXAS  ) has put a precise dollar figure on its new stock offering. The company is floating 5.5 million shares of its common stock at $12.35 apiece in an underwritten public offering. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 825,000 shares.

Exact Sciences said it anticipates it will use the issue's estimated net proceeds of $63.7 million for "general corporate and working capital purposes," which include product development and FDA compliance efforts.

Leucadia's (NYSE: LUK  ) Jefferies and Robert W. Baird are the joint book-running managers for the issue, which is expected to close "on or about" June 21.

At the moment, Exact Sciences has just over 64 million shares outstanding. Its stock currently trades at $12.79 per share.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2496587, ~/Articles/ArticleHandler.aspx, 12/21/2014 2:01:06 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement