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WEST LAFAYETTE, Ind., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced that it had raised an additional $3.6 million in net proceeds from the optional shares in connection with its previously announced underwritten public offering of common shares. The Company issued the additional 900,000 shares at a price to the public of $4.25 per share. All the shares were offered and sold by the Company. The Company closed on the sale of the 900,000 optional shares of common stock on December 30, 2024.
The Company intends to use the net proceeds from this offering for working capital, capital expenditures and other general corporate purposes.
Lake Street Capital Markets, LLC acted as the sole book-running manager for the offering. All shares granted to the underwriter have now been offered and sold.
A shelf registration statement on Form S-3 relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on August 31, 2022. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by visiting the SEC’s website at www.sec.gov, or from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612) 326-1305.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About the Company
Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world.