Commercial healthcare company Oculus Innovative Sciences, Inc. (OCLS) on Thursday announced the pricing of an underwritten public offering of 7.5 million shares of its common stock offered at a price of $0.40 per share.
The company expects gross proceeds of approximately $3 million from the offering, before deducting underwriting discount and other estimated offering expenses. The offering is expected to close on or about March 12, subject to customary closing conditions.
The company has granted the underwriters a 45-day option to purchase up to an aggregate of 1.125 million additional shares of its common stock to cover over-allotments, if any.
Oculus said it intends to use the net proceeds from the offering for the repayment of debt and for general corporate purposes. In connection with the repayment of debt, Oculus intends to retire a portion of the common stock previously issued to its lenders.
Aegis Capital Corp. is acting as the sole book-running manager for the offering. Dawson James Securities, Inc. is acting as a co-manager for the offering.
On Wednesday, Oculus shares declined 11.48 percent at the regular trading and a further 17.6 percent in the after hours trading to $0.445.
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