GenMark to Float New Common Stock Issue
GenMark Diagnostics has come to the conclusion that it needs to widen its equity base. The company announced that it aims to float a $60 million issue of its common stock. Additionally, it intends to grant the issue's underwriter a 30-day option to purchase up to an additional $9 million worth of shares.
GenMark said it plans to use the proceeds of the offering for general corporate purposes. These include research, development, and investment activities.
JPMorgan Chase's J.P. Morgan Securities is the sole book-running manager of the issue.
At the moment, GenMark has 32.7 million shares outstanding, and its stock most recently closed at $9.72 per share.
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