Quotient Limited (NASDAQ: QTNT) priced its 2.8 million ordinary shares at a discount compared to the Thursday's price sending the shares down by 22 percent.
On Friday, Quotient priced its fully underwritten public offering of 2.8 million of its ordinary shares at a price of $5.50 per share. This was $2.00 a share below than Thursday's closing price of $7.50.
The company expects to get net proceeds of $14.2 million from the public issue after deducting underwriting discounts and commissions and other estimated offering expenses.
Quotient has also granted the underwriter a 30-day option to acquire a maximum of an additional 420,000 of its ordinary shares. The company expects the offering to close on or before August 3 subject to customary closing conditions.
The sole bookrunner to the issue is Jefferies LLC.
At the time of writing this, the stock traded down by 22 percent.
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