BioAmber prices $10 mn underwritten common stock public offering

BioAmber prices $10 mn underwritten offering of common stock

6:53 AM, 25th January 2017
BioAmber logo

MONTREAL, CANADA: BioAmber Inc has entered into an underwriting agreement with Rodman & Renshaw, a unit of H C Wainwright & Co LLC, as sole book-running manager and representative of several underwriters, under which the underwriters have agreed to purchase a 2,105,264 shares of common stock of the company, together with warrants to purchase a minimum of 1,052,632 shares of common stock of the company with an exercise price of  $5.50 per share of common stock at a price to the public of  $4.75 per share and associated warrant.

The warrants have a term of four years, exercisable upon the date of issuance. The aggregate gross proceeds to the company are $10,000,000, before deducting underwriting discounts and commissions and estimated offering expenses. A portion of this offering may be placed in Canada on a private placement basis. All shares of common stock issued in connection with this offering, including those placed in Canada on a private placement basis, will be listed on the New York Stock Exchange and be freely tradable on such exchange.

The company has granted to the representative a 30-day option to purchase up to an additional 315,790 shares of common stock and/or warrants to purchase 157,895 shares of common stock of the company, for potentially additional aggregate proceeds to the company of up to approximately $1.5 million before deducting underwriting discounts and commissions and estimated offering expenses. In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds to the company will be approximate $11.5 million.  

The closing of the offering is expected to occur on or about 27 January 2017. The company intends to use the net proceeds from the offering to fund the full or partial repayment of its corporate debt and the remainder, if any, for working capital and general corporate purposes.

Rodman & Renshaw, a unit of H.C. Wainwright & Co. is acting as the sole book-running manager in connection with this offering and AltaCorp Capital is acting as a co-manager.

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