Chembio diagnostics Inc. (CEMI) announced that it has priced an underwritten public offering of 1.20 million shares of its common stock at $5.00 per share.
The net proceeds of the offering, after deducting the underwriters' discounts and other estimated offering expenses payable by the Company, will be approximately $5.5 million.
The company noted that it intends to use the net proceeds from this offering for business expansion and working capital. The company stated that it expects to close the transaction, subject to customary conditions, on or about April 3, 2013.
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