BioAmber (NYSE:BIOA), a provider of renewable materials, today announced that it has priced an underwritten public offering of 2.6 million shares of its common stock at a price of $5.00 per share.
The gross proceeds to the company will be $13.0mln, the Montreal, Quebec-based company said in a statement on Friday.
The offering is expected to close on January 22.
Rodman & Renshaw, a unit of H.C. Wainwright, is acting as the sole bookrunning manager for the offering. Raymond James & Associates is acting as co-manager for the offering.
Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by BioAmber will be $11.8 mln.
BioAmber intends to use the net proceeds of the offering for working capital and other general corporate purposes.
Shares fell 27% to $4.25 at 2:22 p.m. in New York on Friday, expanding losses over the past year to 42%.