Rosetta Genomics underwriters exercise green shoe option
562,500 shares were sold for $3.66 million.
Gali Weinreb 8 Mar 07 14:51
Rosetta Genomics Ltd. (Nasdaq:ROSG) has closed the sale of an additional 562,500 shares for $3.66 million to the full exercise of the over-allotment (green shoe) option granted to the underwriters of its IPO.
C.E. Unterberg, Towbin LLC was the lead manager and the sole bookrunner of the offering, and Oppenheimer & Co. Inc. was co-manager. Including the green shoe option, Rosetta Genomics issued a total of 4.3 shares for total gross proceeds of $30.2 million, before commissions and expenses, and net proceeds of $26.2 million.
Rosetta Genomics is currently traded at $8.27, up from its IPO price of $7 a week ago. The company had planned to hold the offering at $7.50-8.50 per share, but failed to reach the lower threshold. However, it is now traded close to the upper threshold of the planned IPO price, giving a market cap of $92.2 million.
The company first attempted to hold its IPO in October 2006 at $11-13 per share, but the market offered only $6 per share, and the offering was cancelled. The second, successful, attempt was made three months later. During the interim, the market was prepared to offer a higher price for the company, which was willing to accept a 35% discount on its planned price. The comprise appears to have benefited all parties so far.
Published by Globes [online], Israel business news - www.globes.co.il - on March 8, 2007
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