Biodesix Priced Its Underwritten Offering Of 17.4M Shares At $1.15/Share And Announced Concurrent Private Placement Of 760,857 Shares Of Its Series A Non-voting Convertible Preferred Stock At $46/Share, With Gross Proceeds Of $55M
Portfolio Pulse from Benzinga Newsdesk
Biodesix has announced an underwritten offering of 17.4 million shares at $1.15 per share and a concurrent private placement of 760,857 shares of Series A Non-voting Convertible Preferred Stock at $46 per share, aiming for gross proceeds of $55 million. Subject to stockholder approval, each preferred share will convert to 40 common shares, totaling 30,434,280 common shares.
April 05, 2024 | 11:20 am
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Biodesix's capital raise through share offerings and private placement aims for $55M in gross proceeds, potentially diluting current shares but providing significant capital.
The offering and private placement by Biodesix could lead to dilution of existing shares, typically resulting in a negative short-term impact on the stock price. However, the significant capital raised could be beneficial for the company's long-term projects and financial health. The conversion of preferred shares to common shares, subject to stockholder approval, further adds to the potential dilution effect.
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