Precipio Closes Public Offering

Precipio (NASDAQ:PRPO) announced the closing of an underwritten public offering of 6,000 units, priced at $1,000 per unit.
As quoted in the press release:

Each comprised of one share of series B convertible preferred stock, which is convertible into 400 shares of common stock at a conversion price of $2.50 per share, and one warrant to purchase up to 400 shares of common stock, at an exercise price of $3.00 per share. In addition, the underwriter partially exercised the over-allotment option to purchase an additional 280,000 warrants. The warrants are exercisable immediately and will expire five years from the date of issuance. The gross proceeds to Precipio from this offering were approximately $6.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Precipio intends to use the net proceeds from this offering for the growth of its sales force, progression of its product development, repayment of debt and for working capital and general corporate purposes.

Click here to read the full press release.

Source: www.accesswire.com