A subscription rights offering allows existing shareholders to acquire stock in a company, usually at a discount.
Stereotaxis said the offering resulted in investors acquiring 3.4 million shares, which works out to a share price of $3 each. The offering allowed each investor to purchase ⅓ share for each share already owned.
"As an example, if an investor owned 200 shares of common stock on the record date, the investor would have received 200 subscription rights. The 200 rights would allow for the purchase of 66 shares of commons stock for $3.00 per share (a total of $198 = 3 x 66)," St. Louis-based Stereotaxis said in a regulatory filing.
That’s a discount of nearly 11.8% from the stock’s $3.40-per-share closing price Nov. 21, the day the offering closed.
STXS shares were trading at $3.54 apiece as of about 10:30 a.m. today, up 0.3%.