Biocept (NASDAQ:BIOC) stock is falling hard on Thursday after the company revealed details of a public offering for its shares.
Biocept is offering 1,176,470 shares of its common stock and warrants for up to 2,352,940 shares of BIOC stock. These units are priced at $4.25 per share and include one share and one warrant to purchase another share. The warrants also have an exercise price of $4.25.
According to Biocept, the public offering will see it raise $5 million. The company says it will use this cash to advance its FORESEE trial for CNSide, working capital, as well as general corporate purposes.
To go along with this, Biocept has granted underwriters the option to acquire an additional 176,470 shares of BIOC stock and warrants for another 352,940 shares. This offer lasts for 45 days and is priced the same as the public offering.
BIOC Stock Movement Today
Investors aren’t reacting well to today’s public offering news with BIOC shares falling. That makes sense as it increases the total number of outstanding shares of BIOC stock. That dilutes the stakes that current investors have in the company.
Today’s news also brings with it heavy trading of BIOC stock. As of this writing, more than 364,000 shares of the stock have changed hands. That’s already above its daily average trading volume of about 113,000 shares.
BIOC stock is down 42.1% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.