Novan (NOVN) Prices 4.1M Common Stock IPO at $11/Share, at Low-End of Expected Range
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Novan, Inc. (Nasdaq: NOVN) announced the pricing of the Company's initial public offering of 4,100,000 shares of common stock at a price to the public of $11.00 per share. The common stock of Novan has been approved for listing on the NASDAQ Global Market and is expected to begin trading under the ticker symbol "NOVN" on Sept. 21, 2016. All of the common stock is being offered by Novan. The Company has also granted the underwriters a 30-day option to purchase from the Company an additional 615,000 shares of common stock at the initial public offering price, less the underwriting discount. The offering is expected to close on Sept. 26, 2016, subject to customary closing conditions.
*** NOTE: The company was recently looking for a pricing range of $11 to $13 per share.
Piper Jaffray & Co. is acting as sole book-running manager for the proposed offering. JMP Securities LLC and Wedbush PacGrow are acting as co-managers.
A registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on Sept. 20, 2016. The offering will be made only by means of a prospectus. Copies of the prospectus may be obtained from Piper Jaffray & Co., by mail at Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at email@example.com.
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