Sysorex Global Holdings Corp. said Wednesday that it has priced its initial public offering of 3,333,333 shares of common stock at an offering price of $6.00 per share, including 166,667 shares of common stock sold by a selling stockholder, which will result in aggregate gross proceeds of about $20 million, including gross proceeds of $930,000 to the selling stockholder.
The company had previously planned to price the IPO in a range of $5.00 to $6.00 per share.
The net proceeds from the offering to the company, after deducting underwriting discounts and commissions is expected to be about $17.7 million.
The company has also granted the underwriters a 45 day option to purchase up to an additional 500,000 shares of common stock to cover over-allotments, if any.
If the total over-allotment is exercised, Sysorex expects the gross proceeds from the offering to be about $23 million, including proceeds to the selling stockholder.
Sysorex expects to close the sale of its common stock on or about April 15. In connection with the offering, Sysorex completed a 1-for-2 reverse stock split effective as of April 8.
The company's common stock will commence trading on the NASDAQ Capital Market under the symbol "SYRX" on Thursday, April 10.
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by RTT Staff Writer
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