On October 29, 2020 Cancer Genetics, Inc. (Nasdaq: CGIX) ("Cancer Genetics"), a leader in drug discovery and preclinical oncology and immuno-oncology services, reported that, due to demand, the underwriter has agreed to increase the size of the previously announced public offering and purchase on a firm commitment basis 1,363,637 shares of common stock of the Company at a price to the public of $2.20 per share, less underwriting discounts and commissions (Press release, Cancer Genetics, OCT 29, 2020, View Source [SID1234569235]). The offering is expected to close on or about November 2, 2020, subject to satisfaction of customary closing conditions.
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H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
The Company has also granted to the underwriter a 30-day option to purchase up to an additional 204,545 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds of the offering are expected to be approximately $3.0 million, prior to deducting underwriting discounts and commissions and offering expenses and excluding the underwriter’s option to purchase additional shares. Cancer Genetics intends to use the net proceeds to fund working capital and other general corporate purposes.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission ("SEC") and was declared effective on July 21, 2020. A preliminary prospectus supplement describing the terms of the offering was filed with the SEC on October 28, 2020, and is available on the SEC’s website located at View Source Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from H.C. Wainwright & Co., LLC, 430 Park Avenue 3rd Floor, New York, NY 10022, or by calling (646) 975-6996 or by emailing [email protected] or at the SEC’s website at View Source
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.