In the offering, the Bridgewater, N.J.-based company will look to float approximately 13.7 million shares of common stock at $1.75 per share. The offering will also include a 30-day underwriter’s option for an additional 2.1 million shares at the same price.
Before deducting underwriter’s discounts and commissions, the company expects to net gross proceeds of $24 million. The additional underwriter’s option could bring in an additional $3.6 million, raising the total possible in the round up to $27.6 million.
The offering is expected to close on April 26, according to a press release. Net proceeds from the offering will be used for working capital and other general corporate purposes.