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HTGM stock is down 42% as of Tuesday morning. That’s closing in on the company’s daily average trading volume of about 191,000 shares. As of this writing, more than 122,000 shares have changed hands. This has shares of HTGM stock seeing strong trading on Tuesday. The idea of the company going under has investors unsettled and many are selling their stakes as a result. It should come as no surprise that HTGM shares are falling today alongside the bankruptcy news. developing life-changing cancer diagnostics to help patients throughout the course of their diagnosis and treatment. This has the company agreeing to pay Lawson $23,000. However, the company also signed a deal for his consulting services during a one-month transition period. That includes a $2.68 million loan held by Silicon Valley Bank, which is now a division of First-Citizens Bank and Trust Company.įinally, HTG Molecular Diagnostics clarified that it has terminated Senior Vice President and Chief Commercial Officer Byron Lawson at the start of the month. To go along with that, the filing also accelerates the obligations of the company’s debts. It’s also seeking a variety of first-day motions that will allow it to continue normal operations. Shares of HTG Molecular were down 7 percent at $.75 in Friday morning trade on the Nasdaq.HTG Molecular Diagnostics H HTGM stock is falling on Tuesday after the company announced a Chapter 11 bankruptcy filing.Īccording to the filing, HTG Molecular Diagnostics will operate as a “debtor-in-possession” business during the bankruptcy. The company had $11.8 million in cash and cash equivalents and $9.8 million in short-term investments as of June 30, according to its second quarter earnings announcement last month. HTG said it expects both the public offering and private placement to close on Sept. The gross proceeds from the private placement are expected to be approximately $3.5 million. Each warrant will be immediately exercisable upon issuance and will have an exercise price of $0.01 per share. The company expects net proceeds of roughly $16.6 million from the common stock offering, but it also has granted the underwriter a 30-day option to purchase up to 3,821,548 additonal shares at the offering price.Ĭantor Fitzgerald is the sole book-running manager for the offering.Ĭoncurrently with the public offering, HTG Molecular said that it has entered into a securities purchase agreement with certain institutional investors for the sale of 5,411,687 pre-funded warrants exercisable for an aggregate of 5,411,687 shares of its common stock at a purchase price of $.64 per pre-funded warrant. The Tucson, Arizona-based diagnostics firm launched a public offering of 25,476,989 shares of common stock at $.65 per share. NEW YORK – HTG Molecular Diagnostics on Friday priced a public offering of common stock and a private placement of warrants.
This article has been updated to reflect the pricing, expected proceeds, and other terms of the offering. Advances in Clinical Genomics Profiling.
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