InVivo Therapeutics (NSDQ:NVIV) announced last week that it priced a public offering of common stock shares and warrants totaling approximately $7 million.
The offering is set to include more than 2.5 million shares of common stock or pre-funded warrants to purchase common stock, along with standard warrants to purchase up to more than 2.5 million shares of common stock at a combined effective price to the public of $2.75 per share.
Each warrant has the $2.75 per share exercise price and is immediately exercisable with an expiration date set five years from the date of issuance. Cambridge, Mass.-based InVivo Therapeutics expects the offering to close on or about March 10. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
InVivo Therapeutics, which develops spinal cord injury treatments, did not specify the intended use for proceeds from the offering. Last month, the company’s shares took a hit after it exercised a 1-for-30 reverse stock split, which was done in order to increase the per-share trading price of InVivo Therapeutics’ common stock so that it can fill the $1.00 minimum bid price required to maintain its listing on the Nasdaq market.
