Zomedica Corp. [AMEX: ZOM] disclosed that the underwriter has come to an agreement to increase the size of the earlier declared public offering and buying on a firm guarantee basis 91,315,790 common shares of Zomedica, at a price to the public of $1.90 per share, less underwriting discounts, and commissions.
Zomedica revealed that this step has been taken due to increasing demands. The sole agent for this offering will be H.C. Wainwright & Co. Furthermore, Zomedica has awarded the underwriter a 30-day option to buy up to 13,697,368 extra common shares at the public offering price, less underwriting deductions, and payments.
The firm has anticipated that the gains from this offering will be nearly $173.5 million before subtracting the underwriting markdowns and expenses and other offering expenditures due by Zomedica. Zomedica is planning to utilize the profit from the declaration for diagnostic platform growth.
Shares of Zomedica Corp. [AMEX: ZOM] traded up 41.36% at $2.70 during the trading session of Monday. The firm’s share has fluctuated between the 52-week low range of $0.06 and a 52-week high range of $2.01. Its share surged 4199.36% and 34.33% from its 52-week low and high, respectively. Zomedica has a total market capitalization of $1.76 billion at the time of writing.
Moreover, the firm is also planning to use the profit for making significant payments under its current partnership contracts and for strategic acquisition in the future, and for the general purpose of the firm. Additionally, a shelf listing declaration on Form S-3 concerning the securities being proposed was submitted with the SEC and was stated valid on January 30, 2019.