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Metabolix prices stock offering at $9 per share
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CAMBRIDGE, Mass. - Metabolix Inc., a plastics and chemicals company, said Wednesday it has priced a public offering of three million common shares at $9 each, for net proceeds of $27 million before underwriting discounts and expenses.
The company, based in Cambridge, Mass., plans to use the proceeds for working capital and general expenses.
Jefferies & Co. and Thomas Weisel Partners LLC are the underwriters. They have the option to buy up to 450,000 additional shares to cover any overallotments. If they buy all those shares, total proceeds are expected to be $31 million.
The offering is expected to close Nov. 16.
Metabolix shares fell 2 cents to $9.85 in after-hours trading Wednesday after closing at $9.87.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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