HTG Molecular Diagnostics (HTGM) Falls 28% As Company Announces Public Offering
HTG Molecular Diagnostics (HTGM) fell 28% for the day, shortly after announcing that they priced a $10 million public offering.
“Series A-1 warrants to purchase up to 1,290,322 shares of common stock and Series A-2 warrants to purchase 1,290,322 shares of common stock, at a combined public offering price of $7.75 per share (or pre-funded warrant) and accompanying warrants. The Series A-1 warrants will have an exercise price of $7.50 per share, will be exercisable immediately upon issuance and will expire five years from the date of issuance, and the Series A-2 warrants will have an exercise price of $7.50 per share, will be exercisable immediately upon issuance and will expire twenty-four months from the date of issuance.”
The announcement of the offering comes shortly after recent gains in the month of December, that is now nearly erased. The stock price is currently $4.25, with a December high of over $17.
The use of proceeds are mentioned to be for general corporate purposes, which may include R&D, clinical trial expenses, capital expenditures and working capital.
HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, novel therapeutics and clinical diagnostics across a variety of disease areas.
Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.