InVivo Therapeutics Holdings Closes Exercise of Over-Allotment

InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV) announced the closing of the exercise of the over-allotment option granted to the underwriters in connection with its previously announced public offering. The underwriters purchased an additional 560,000 shares of InVivo’s common stock, bringing the total proceeds of the offering to approximately $32.2 million, before deducting underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants.
According to the news:

In connection with the initial closing of the offering on March 18, 2016, InVivo issued 3,733,333 units at a price of $7.50 per unit, each unit consisting of one share of common stock and .50 of a warrant to purchase a share of common stock at an exercise price of $10.00 per share. At the initial closing, the underwriters exercised their over-allotment option to purchase additional warrants to purchase an additional 280,000 shares of common stock. InVivo intends to use the net proceeds from this offering to fund ongoing clinical trials and for general corporate purposes.

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