Shares of Biocept have fallen by more than a third after the company’s underwritten public offering was priced for gross proceeds of $5 million.
The stock was down 35.3% at $2.75 in premarket trading. As of Wednesday’s close, they were already down 90% over the past 12 months.
The molecular diagnostics company said overnight that it is offering under 1.2 million shares and warrants to buy under 2.4 million shares. Each share and accompanying warrant to buy two more shares are being offered for a combined price of $4.25.
The warrants have an exercise price of $4.25 and expire five years from the date of issuance.
Biocept has granted underwriters a 45-day option to buy up to an additional 176,470 shares and warrants to buy twice that many additional shares.
The offering is expected to close Friday.