Dynavax Prices New Share Offerings
A pair of stock issues being floated by Dynavax Technologies in two underwritten public offerings now have price tags. The company is issuing 79.57 million shares of common stock priced at $1.075 apiece, and is selling 43,430 shares of series B convertible preferred stock for $1,075 per share.
The convertible stock is nonvoting, and each share is convertible into 1,000 shares of common stock "provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of shares of Dynavax common stock then outstanding."
The biopharmaceutical company aims to use its share of the estimated combined gross proceeds of $132.2 million from the offerings mainly to fund development of, and efforts at regulatory approval for, its Heplisav hepatitis B vaccine. It will also employ some of the take for "other general corporate purposes," which include working capital, according to a Dynavax press release.
Cowen Group's Cowen and Company is the sole book-running manager for both issues, which are anticipated to close "on or about" next Wednesday.
Currently, Dynavax has slightly less than 183 million common shares outstanding, and that stock trades at $1.24 per share.
The article Dynavax Prices New Share Offerings originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.