NEW YORK (360Dx) – Chembio Diagnostics on Monday said that it has established an "at-the-market" program to offer up to $21.2 million of its common stock from time to time.
The firm said net proceeds from the ATM program will be used to fund possible acquisitions, invest in business operations, and as working capital. Cantor Fitzgerald is the sales agent for the program. Sales of Chembio's common stock under the ATM may be made through the Nasdaq Capital Market, among other methods.
An at-the-market offering is a type of stock offering used by publicly traded firms to raise capital. Shares are offered on the open market at prevailing market prices.
In late morning trading on Wednesday, shares of Chembio were down more than 9 percent at $5.75.