Biocept Prices 5.0 Million Shares at $1.00 A Share

Biocept, Inc. BIOC revealed that it has priced its public offering of approximately 5.0 million shares at a price of $1.00 per share to the public. According to the company, investors will also get warrants to purchase a maximum of about 3.5 million shares of common stock with an exercise price of $1.30 per share. Biocept said that the warrants were immediately exercisable and have a term of five years. The company added that the offering was expected to close on or about May 4 subject to satisfaction of customary closing conditions. The company indicated that total gross proceeds of the offering were expected to be approximately $5.0 million. The net proceeds were expected to be approximately $4.4 million after giving commissions and offering expenditures. Biocept revealed that it plans to use the net proceeds for working capital and general corporate purposes. Biocept said that H.C. Wainwright & Co. acted as its exclusive placement agent for the offering while ROTH Capital Partners, LLC provided advisory services in connection with the offering. On Friday, shares of the company traded 21.6% lower.