Exact Sciences Floats New Stock Issue
Jun 18th 2013 5:20PM
Updated Jun 19th 2013 10:35AM
Exact Sciences has put a precise dollar figure on its new stock offering. The company is floating 5.5 million shares of its common stock at $12.35 apiece in an underwritten public offering. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 825,000 shares.
Exact Sciences said it anticipates it will use the issue's estimated net proceeds of $63.7 million for "general corporate and working capital purposes," which include product development and FDA compliance efforts.
Leucadia's Jefferies and Robert W. Baird are the joint book-running managers for the issue, which is expected to close "on or about" June 21.
At the moment, Exact Sciences has just over 64 million shares outstanding. Its stock currently trades at $12.79 per share.
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