Post by icemandios on Jun 4, 2020 12:55:24 GMT
Company sold 8M shares at $11.00 and Underwriters picked up 1.2M shares.
Underwriters were J.P. Morgan, Citigroup, Evercore ISI, UBS Investment Bank, and Raymond James.
Use of proceeds
We expect that the net proceeds from the sale of shares of common stock that we are selling in this offering will be approximately $82.5 million, or approximately $94.9 million if the underwriters exercise in full their option to purchase additional shares of common stock, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
We intend to use the net proceeds from this offering to expand our manufacturing capacity for both existing and in-development products for use in testing for COVID-19, to fund potential acquisitions of new businesses, technologies or products, to fund the development, commercialization and manufacturing costs related to our products and for general corporate purposes. There will be significant capital expenditures associated with our efforts to explore opportunities to increase revenues as a result of the COVID-19 pandemic as well as additional research and development costs. In addition, we are evaluating potential acquisition candidates and have, in some cases, engaged in discussions with such candidates. Any such future acquisitions of businesses, technologies or products may be significant.
Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus supplement, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the amounts that we will actually spend on the uses set forth above. We have no current commitments or agreements with respect to any acquisitions and may not make any acquisitions.
The amount and timing of our actual expenditures will depend upon numerous factors, including the results of our research and development efforts and the timing of regulatory submissions. As a result, our management will have broad discretion over the use of the net proceeds from this offering.
Pending the use of the net proceeds from this offering, we intend to invest the net proceeds in short-term, interest-bearing, investment-grade securities, certificates of deposit or government securities.
We expect that the net proceeds from the sale of shares of common stock that we are selling in this offering will be approximately $82.5 million, or approximately $94.9 million if the underwriters exercise in full their option to purchase additional shares of common stock, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
We intend to use the net proceeds from this offering to expand our manufacturing capacity for both existing and in-development products for use in testing for COVID-19, to fund potential acquisitions of new businesses, technologies or products, to fund the development, commercialization and manufacturing costs related to our products and for general corporate purposes. There will be significant capital expenditures associated with our efforts to explore opportunities to increase revenues as a result of the COVID-19 pandemic as well as additional research and development costs. In addition, we are evaluating potential acquisition candidates and have, in some cases, engaged in discussions with such candidates. Any such future acquisitions of businesses, technologies or products may be significant.
Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus supplement, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the amounts that we will actually spend on the uses set forth above. We have no current commitments or agreements with respect to any acquisitions and may not make any acquisitions.
The amount and timing of our actual expenditures will depend upon numerous factors, including the results of our research and development efforts and the timing of regulatory submissions. As a result, our management will have broad discretion over the use of the net proceeds from this offering.
Pending the use of the net proceeds from this offering, we intend to invest the net proceeds in short-term, interest-bearing, investment-grade securities, certificates of deposit or government securities.