The Australian biotech company says it has submitted a registration statement with the US Securities and Exchange Commission for a proposed US public offering of new securities.
EF Hutton, a division of Benchmark Investments, is acting as the sole book-running manager in the offering which see the issue of 1,797,752 share units at a price of US$4.45.
This consists of one ordinary share priced at US$4.45 and one warrant to purchase one ordinary share at an assumed price of US$4.45 per share.
Medlab (ASX:MDC) also intends to issue 1,797,752 pre-funded units priced at US$4.4999 – which consists of one pre-funded warrant to purchase one ordinary share with an exercise price of US$0.0001 per share and share purchase warrant with an exercise price of US$0.0001 per share.
Proceeds from the sale of shares to reach US$7m
At this stage, MDC expects net proceeds from the sale of shares being sold to equal roughly US$7m based on an assumed public offering price of US$4.45 per share unit.
The company has also granted the underwriter a 45-day option to purchase up to an additional 269,662 shares or share purchase warrants to cover over-allotments.
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This article was developed in collaboration with Medlab Clinical (ASX:MDC), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.