Inotiv Inc. (NOTV) Prices 2.647M Share Common Offering at $17/Sh

April 21, 2021 6:09 AM EDT

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Inotiv, Inc. (NASDAQ: NOTV) today announced the pricing of an underwritten public offering of 2,647,059 of its common shares at a price to the public of $17.00 per share. The gross proceeds to the Company from this offering, before deducting the underwriting discount and offering expenses payable by the Company, are expected to be approximately $45.0 million. All of the shares are being offered by the Company. The offering is expected to close on or about April 23, 2021. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additional 397,058 of its common shares at the public offering price, less the underwriting discount.

The Company intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, amounts available under its existing credit facilities and any new debt financing, to finance the aggregate cash consideration of approximately $40.5 million for the acquisitions of Bolder BioPATH, Inc. and HistoTox Labs, Inc. The Company may also use the net proceeds to pay a portion of the purchase price of approximately $4.7 million for the Company’s St. Louis facility, contingent on the Company receiving financing and obtaining related business incentives. The Company intends to use the remaining net proceeds of the offering, if any, for working capital and other general corporate purposes, which may include acquisitions or investments in complementary businesses, technologies or other assets, although the Company has no present commitments or agreements to do so (other than with respect to the Bolder BioPATH, Inc. and HistoTox Labs, Inc. acquisitions).

Colliers Securities LLC is acting as Bookrunner and Sole Underwriter.

The common shares will be issued pursuant to an effective shelf registration statement and base prospectus that was declared effective by the Securities and Exchange Commission (the “SEC”) on March 1, 2021.



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