TrovaGene shares lose half their value after pricing another public offering

The public offering of 18 million shares of common stock at US$1 follows a 1:12 reverse stock split last month

Cancer cells
TrovaGene shares lost more than half their value in the pre-market session

Shares of TrovaGene (NASDAQ:TROV) plunged in pre-market trade after the clinical-stage oncology group priced another public offering.

TrovaGene stock lost more than half its value to US$0.80 after pricing a public offering of 18 million shares of common stock and common stock warrants to purchase 18 million shares of common stock at a price of US$1 per share and the accompanying warrant.

The net proceeds of the offering are expected to generate US$16.2mln, excluding the proceeds from the exercise of the warrants.

The warrants have an exercise price of US$1.10 and will expire five years from their issuance date.

TrovaGene has given underwriters a 45-day option to purchase 2.7 million additional shares of common stock and or additional common stock warrants as part of the offering, which closes on June 12.

Last month, TrovaGene announced a reverse split of its common stock at a ratio of 1 for 12, which took effect on June 1. As part of this initiative, twelve shares of common stock were converted into one share and the number of outstanding common shares was reduced to 4.9m shares from 59.4m.

Quick facts: Trovagene

Price: 1.38 USD

Market: NASDAQ
Market Cap: $10.68 m

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