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.
by RTT Staff Writer
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