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Generex Biotechnology offering 17.2 million shares
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WORCESTER, Mass. - Generex Biotechnology Corp. said Tuesday it expects to complete a registered offering of 17.2 million common shares.
The company is offering the stock at just under 64 cents per share, which would bring in proceeds of about $11 million. Shares closed at 76 cents per share Friday. After hours, following the announcement on the offering, the stock fell 5 cents, or 9.2 percent, to 69 cents. Generex has about 135.5 million shares of common stock outstanding.
Also, the company will provide 50 percent warrant coverage, exercisable beginning 183 days following the closing date for a period ending on the fifth anniversary of the initial exercise date. The warrants will have an exercise price of 76 cents per share.
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