Exact Sciences Floats New Stock Issue
Exact Sciences 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 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.
The article Exact Sciences Floats New Stock Issue originally appeared on Fool.com.
Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
