Lumera (LMRA) Announces Direct Offering; Issues Q2 Guidance
Lumera Corporation (NASDAQ: LMRA) has entered into definitive agreements with selected institutional investors to sell 4 million shares of its common stock and warrants to purchase an additional 2 million shares through a registered direct offering for net proceeds of approximately $2.8 million, after deducting offering fees and expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, and has raised the funds in order to meet minimum capital requirements under the conditions of the previously announced proposed merger with GigOptix, LLC.
The shares and warrants are being offered pursuant to the Company's effective shelf registration statement that was previously filed on Form S-3 with the Securities and Exchange Commission. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the offering.
The Company also announced that revenues for the second quarter are expected to be approximately $1.5 million, reflecting a 60% increase as compared to second quarter 2007, and a reduction in costs of approximately 30% as compared to second quarter 2007, primarily due to the closing of Plexera, for expected net loss per share of between $0.10 to $0.12. (no estimates available)
Lumera Corporation (Lumera) design and synthesize polymer materials at the molecular level. [SM]
The shares and warrants are being offered pursuant to the Company's effective shelf registration statement that was previously filed on Form S-3 with the Securities and Exchange Commission. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the offering.
The Company also announced that revenues for the second quarter are expected to be approximately $1.5 million, reflecting a 60% increase as compared to second quarter 2007, and a reduction in costs of approximately 30% as compared to second quarter 2007, primarily due to the closing of Plexera, for expected net loss per share of between $0.10 to $0.12. (no estimates available)
Lumera Corporation (Lumera) design and synthesize polymer materials at the molecular level. [SM]
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