jq1234,
Are you buying more here on the big drop. I'm no expert, but it looks like a crappy financing.
Celldex Prices Public Offering of Common Stock
Companies:
Celldex Therapeutics, Inc.
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Press Release Source: Celldex Therapeutics, Inc. On Wednesday May 18, 2011, 9:00 am EDT
NEEDHAM, Mass.--(BUSINESS WIRE)-- Celldex Therapeutics, Inc. (Nasdaq:CLDX - News) today announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock, offered at a price to the public of $3.15 per share for an aggregate offering of $31,500,000 of common stock. The proceeds to Celldex from this offering are expected to be $29,355,000, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Celldex. Celldex has granted the underwriters a 30-day option to purchase up to an aggregate of 1,500,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Celldex. The offering is expected to close on or about May 23, 2011, subject to customary closing conditions.
Jefferies & Company, Inc. is acting as the sole book-running manager of the offering. Wedbush Securities Inc., Brean Murray, Carret & Co. and Roth Capital Partners, LLC are acting as co-managers of the offering.
Celldex anticipates using the net proceeds from the offering to fund Celldex’s clinical trials of its product candidates and for working capital and other general corporate purposes.
A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement relating to these securities, when available, may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at 877-547-6340, and at Prospectus_Department@Jefferies.com.
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