OncoCyte to sell 5.077M shares at $ 2.92 in private placement

Oncocyte announced that it has entered into definitive securities purchase agreements for the purchase and sale of an aggregate of 5.077M shares of common stock, at a purchase price of $ 2.9164 per share of common stock, and pre-funded warrants to purchase 342,888 shares of common stock at a purchase price of $2.9163 per pre-funded warrant. The exercise price of the pre-funded warrants is $0.0001 per share. The private placement was priced “at-the-market” under the rules and regulations of Nasdaq. The private placement is expected to close on or about April 15, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from the private placement are expected to be approximately $15.8M, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds to redeem the outstanding shares of the company’s Series A Preferred Stock, for working capital and general corporate purposes.