NEW YORK (GenomeWeb) – Invitae announced after the close of the market on Monday that it will offer $125 million worth of its common stock in a public offering.
The San Francisco-based genetic testing firm hasn't finalized the number of shares it will offer of the expected offering price. Its shares were trading down around 5 percent at $19.35 on the New York Stock Exchange on Tuesday morning.
J.P. Morgan Securities, Cowen and Company, and SVB Leerink are managing the offering. In addition, the underwriters will have a 30-day option to buy up to $18.75 million shares of additional common stock at the offering price.
The firm estimates that net proceeds from the offering will be around $117.1 million, or $134.7 million if the underwriters exercise their option to acquire the additional shares in full.
Invitae will use the proceeds from the stock sale for general corporate purposes, including working capital, financing of capital expenditures, repayment of debt, and future acquisitions.