EMBREX STOCK OFFERING NETS $16.8 MILLION
EMBREX STOCK OFFERING NETS $16.8 MILLION RESEARCH TRIANGLE PARK, N.C., Dec. 23 /PRNewswire/ -- Embrex Inc.
(NASDAQ: EMBX, EMBXW) today announced that the final net proceeds from the company's initial public offering of common stock and redeemable warrants were approximately $16.8 million. The amount includes the recent sale of an additional 70,000 shares of common stock to the underwriter, Josephthal Lyon & Ross Incorporated (New York), to cover over-allotments from the public offering.
On Nov. 15, Embrex closed its initial public offering with the sale of 2.2 million shares of common stock at $8.50 per share and 2.530 million redeemable warrants at $0.10 per warrant. This included the sale to the underwriter of an additional 330,000 redeemable warrants to cover over-allotments. The most recent sale of common stock to Josephthal brings the number of shares of common stock outstanding to 3,777,054. The number of redeemable warrants outstanding remains 2,557,000. Embrex Inc. develops and has recently begun marketing bioscience and bioengineering-based products to increase the productivity and profitability of the poultry industry. -0- 12/23/91 /CONTACT: John A. Hagan of Embrex, 919-941-5185; or Douglas Johnson of GreenTree Communications, 800-428-8796, for Embrex/ (EMBX) CO: Embrex Inc. ST: North Carolina IN: MTC SU: OFR
GK -- NY007 -- 4707 12/23/91 08:28 EST
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|Date:||Dec 23, 1991|
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