Endotronics Inc. announced that it has filed a registrationstatement with the Securities and Exchange Commission (SEC)for a proposed offering of 1.17 million units, each consisting ofsix shares of common stock and six warrants to purchase oneshare of stock each.
The overallotment for the secondary offering is 175,000 units,the Minneapolis company said. Whale Securities Co., L.P. is theoffering's underwriter.
The company intends to use the proceeds for continuedresearch and development on the Oxycell advanced bioreactor.The company will also use the proceeds for repayment ofcertain indebtedness and working capital and general corporatepurposes.
Endotronics, which provides cell processing products andservices, trades on the OTC small-cap list as ENDO. This is thefirst follow-on offering since the initial public offering in July1983, said Yvonne Marschner-Bova, the company's director ofinvestor relations. The company had 23.2 million sharesoutstanding last September, and $105,316 in cash.
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