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Ceres announced completion of $7.6 million public offering
Dec. 18, 2015
Ceres, Inc.
United StatesFollow
United StatesCeres, Inc.recently announced the completion of its previously announced underwritten public offering of units.
Due to the partial exercise of the underwriter's over-allotment option, Ceres received gross proceeds of $7.6 million and issued a total of 2,905,000 shares of common stock, 6,460 shares of preferred stock convertible into 16,150,000 shares of common stock, and warrants to purchase 19,055,000 shares of common stock. The preferred stock issued in this transaction includes a beneficial ownership blocker, but has no dividend rights (except to the extent dividends are also paid on the common stock), liquidation preference or other preferences over common stock.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., acted as sole bookrunner in connection with the offering.
The net proceeds of the offering are estimated to be approximately $6.4 million, after deducting underwriting discounts and commissions and estimated offering expenses. Ceres intends to use the net proceeds from the offering for general corporate purposes, including working capital.
The securities were offered pursuant to a registration statement on Form S‑1 (File No. 333‑206718), which was declared effective by the United States Securities and Exchange Commission ("SEC") on December 14, 2015.
Source: Ceres
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