Bovie Medical (BVX) Prices 3M Common Stock Offering at $4/Share
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Bovie Medical Corporation (NYSE: BVX) announced today the pricing of its previously announced underwritten public offerings of 3,000,000 shares of its common stock at a public offering price of $4.00 per share. Bovie Medical is offering 1,500,000 shares and certain selling stockholders are offering 1,500,000 shares of common stock. In connection with the offerings, Bovie Medical and the selling stockholders have granted the underwriter a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any.
Cumulative gross proceeds of the offerings, excluding the proceeds from any over-allotments, are expected to be $12.0 million, of which the gross proceeds to Bovie Medical are expected to be $6.0 million. Bovie Medical will use its 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 offering is subject to customary closing conditions and is expected to close on November 15, 2016.
Piper Jaffray is acting as sole manager of the offerings.
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