Novadaq Floats New Share Offering
Novadaq has prescribed itself a $105 million injection of share capital. The company announced it is floating 6.25 million shares of its common stock in an underwritten public issue priced at $16.75 per share. It plans to use its share of the proceeds of the issue for "general corporate purposes," which include the funding of potential future acquisitions, capital expenditures, commercial efforts, the purchase of raw materials, and research and development activities.
Piper Jaffray is the underwriter of the issue, which is expected to close on or about next Tuesday.
At the moment, Novadaq has 48.4 million shares outstanding, and its stock most recently closed at $16.52 per share.
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