17th Jul 2020 17:01
(Alliance News) - Diagnostics firm Renalytix AI PLC on Friday announced the pricing of its global offering of American Depositary Shares on the Nasdaq Global Market at USD13.50 each.
Renalytix expects to raise USD74.3 million through the issue of 5.5 million ADS, which represent two ordinary shares each.
However, the company said it could raise USD85.4 million if the underwriters exercise their 30-day option to purchase up to 822,750 additional ADS in full.
Of the proceeds raised, Renalytix AI said it intends to use USD25 million to USD30 million for the continued development and commercialisation of its KidneyIntelX platform, while the remainder goes to working capital and other corporate purposes.
JP Morgan and Stifel acted as joint global coordinators and joint book-running managers for the Global Offering.
Shares in Renalytix closed 5.1% lower at 593.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
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