OpGen Inc (OPGN) Tumbles on Share Dilution
Shares of OpGen Inc (NASDAQ:OPGN) tumbled nearly 14% in Thursday’s trading session after investors learned that the microbial genetics analysis firm has priced a public offering of an aggregate of 25,000,000 units. Each unit is comprised of one share of common stock (or common stock equivalent) and one common warrant to purchase one share of common stock. The units are being offered at a price of $0.40 per unit, nearly 5% below yesterday’s closing price.
Each common warrant has an exercise price of $0.425 per share, is exercisable immediately and will expire five years from the date of issuance. The shares of common stock (or common stock equivalent) and the accompanying common warrants included in the units can only be purchased together in this offering but will be issued separately. This offering is expected to close on or about July 18, 2017, subject to customary closing conditions.
OpGen, Inc. is a precision medicine company, which engages in the development of molecular information products and services to combat infectious disease in global healthcare settings, helping to guide clinicians with rapid information about life threatening infections, improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms.