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OpGen Increases Public Offering to Up to $15.6M

NEW YORK (GenomeWeb) – OpGen today raised the amount it plans to publicly offer in stocks and warrants to up to $15.6 million,

The firm previously said it planned to offer up to $10 million in stocks and warrants.

OpGen said in an amended prospectus filed with the US Securities and Exchange Commission that it has not priced the offering but said that it will offer 13.7 million shares of its common stock and warrants to purchase an aggregate of more than 6.8 million shares of its common stock. Net proceeds from the offering are estimated at $8.5 million, based on an assumed offering price of $.73 per share of common stock. If the warrants are exercised in full at an exercise price of $.73 per share, net proceeds will increase by $5 million, the firm said.

Last week, OpGen said that it was warned by Nasdaq that it faced possible delisting action because its shares fell below a minimum bid price of $1 per share.The company was also warned in May that it is non-compliant with a listing requirement calling for a minimum of $2.5 million in stockholders' equity.

In afternoon trading on Thursday, shares of OpGen on the Nasdaq were down 3 percent to $.72 per share.