Skystar Bio-Pharmaceutical (SKBI) Prices 1.4M Shares At $12.98 A Share
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Skystar Bio-Pharmaceutical Co., Ltd. (NASDAQ: SKBI) announced that it has priced its public offering of 1,400,000 shares of common stock. Skystar has granted the representative of the underwriters a 45-day option to purchase up to an additional 210,000 shares of common stock. The shares were offered to the public at $12.98 per share. The offering is expected to settle and close on July 7, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for the completion of a new vaccine facility; the construction of a new production facility for micro-organisms and feed additives; acquisitions of other companies in the veterinary healthcare industry; and working capital and general corporate purposes, including research and development and marketing.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) acted as sole book-running manager for the offering.
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