Bovie Medical (BVX), Holders to Offer Common Stock
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Bovie Medical Corporation (NYSE: BVX) is down 5.8% after-hours after announcing that the Company and certain selling stockholders intend to offer shares of the Company’s common stock in concurrent public offerings. Bovie Medical and the selling stockholders also expect to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. Bovie Medical will use the net proceeds from the offering to expand its sales and marketing activities, to expand its research and development efforts, to conduct clinical trials, and for general corporate purposes and working capital. The Company will not receive any proceeds from the sale of common stock by the selling stockholders.
Piper Jaffray is acting as sole manager of the offerings.
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