AspenBio Pharma (APPY) Prices 6.1M Offering at $2/Share
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AspenBio Pharma, Inc. (Nasdaq: APPY), has priced an underwritten public offering of 6,100,000 shares of common stock at an offering price of $2.00 per share. The number of shares and offering price reflect a one-for-six reverse stock split implemented by the company to be effective on June 20, 2012. The gross proceeds to AspenBio from this offering are expected to be $12.2 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on June 25, 2012, subject to customary closing conditions. AspenBio has also granted the underwriters a 45-day option to purchase up to an additional 915,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by AspenBio.
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