Atossa Genetics (NASDAQ:ATOS) intends to raise $4.0m (gross proceeds), excluding over-allotments, in an equity offering of Class A and Class B units, consisting of 0.664m common shares (CS), 3,502 Series A convertible preferred shares (SACPS), and 5.33m common share warrants (CSW). The offering is expected to close on 3 April, subject to customary closing conditions, and we estimate that it will enable Atossa to fund its operations into Q417.
Atossa announced on 29 March that it has priced an underwritten public equity offering with expected gross proceeds of $4.0m. The offering consists of Class A units (comprising 0.664m CS and 0.664m CSW) and Class B units (comprising 3,502 SACPS of $1,000 face value, each convertible into 1,333.33 CS, and 4.67m CSW). The CSW all have an exercise price of $0.9375 and a five-year duration. Assuming full conversion of the SACPS (to 4.67m CS), but without considering any CSW exercise, this offering would increase CS outstanding by 141%, to 9.12m. This calculation also excludes the underwriter’s option to purchase an additional 0.8m of CS and CSW to cover any over-allotments.
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