UPDATE: Rodman & Renshaw Lowers Price Target on Hyperdynamics to $6

According to Rodman & Renshaw, Hyperdynamics

price target is lowered to $6. Rodman & Renshaw said that HDY announced an equity offering of 10 million common shares priced at $3/share, for net proceeds of $28.5 million. “Each share also included 1 warrant with an exercise price of $3.50/share; the warrants have a 14-month term and will not be exercisable until 6 months after the closing. The equity offering equates to dilution of ~6%; including the warrants, total dilution is ~12%.” Hyperdynamics closed yesterday at $2.47.