On Thursday, Nanalysis Scientific Corp (OTCMKTS:NSCIF) announced a bought deal public offering worth as much as $8 million. However, the announcement did not quite amuse investors and the stock suffered from a strong selloff. Yesterday, the stock fell by 10% and extended its losses to as much as 17% over the course of the past week.
However, investors ought to take a look at the details of the bought deal offering in order to make up their own minds about the Nanalysis stock. The company announced that it signed an agreement with a consortium of underwriters headed by Echelon Wealth Partners Inc.
As per the terms of the agreement, the underwriters are going to purchase as many as 66667000 units that are going to be made available from the treasury of Nanalysis Scientific. The underwriters are going to pick up the units for $1.20 each and then offer the same units to the public.
The company is hoping to raise as much as $8 million from this bought deal public offering. A unit is going to be made up of one share of Nanalysis’ common stock and half of a share warrant. It remains to be seen if the stock can manage a recovery today.
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