Accelerate Diagnostics Prices Public Offering, Private Placement Worth $15 Mln; Stock Tanks

(RTTNews) - Accelerate Diagnostics, Inc. (AXDX) Friday announced the pricing of its offering of $15 million of shares and in lieu of common stock to certain investors, pre-funded warrants to purchase shares.

Currently, the company's stock is tumbling 39.39 percent to $0.9999 over the previous close of $1.6050 on the Nasdaq.

The company is offering 6,860,659 units, each comprising of a common stock and a warrant at $1.50 per unit, along with pre-funded warrants at $1.49 per unit.

The gross proceeds from the offering, which will close on or about January 23, are expected to be $10.3 million.

Upon the completion of offering, the company will sell 1,156,069 units $1.73 per unit to the Jack W. Schuler Living Trust . Additionally the trust will purchase an additional 1,560,693 units at $1.73 per unit on or before May 20, 2024.

The company is expected to receive gross payments of $4.7 million from the private placement.

The company has also granted a 30-day option to the underwriters to purchase up to 1,029,098 shares of common stock and/or additional warrants.

William Blair & Company, L.L.C. is acting as the sole book-running manager for the offering.