Oncor Inc., which produces and markets DNA probes for cancerand genetic diseases, will redeem on July 31 all outstandingwarrants to purchase common stock.
If all warrants are exercised, the company would receive grossproceeds of $6.3 million and would issue 1.4 million shares ofcommon stock, giving the Gaithersburg, Md., company 10.3million shares of common stock outstanding.
The warrants to be redeemed include 499,999 warrants, issuedin a 1989 private placement, to purchase 584,999 shares ofstock; 236,247 warrants, issued to certain stockholders in1987, to purchase 288,221 shares of stock; and 434,924warrants, issued in the company's 1987 initial public offering,to purchase 530,607 shares of stock.
The 1989 warrants are exercisable for 1.17 shares at $4.63per share, and the 1987 warrants are exercisable for 1.22shares at $4.41 per share. Oncor stock (NASDAQ:ONCR) closedat $6.75, up 25 cents, on Wednesday.
From Dec. 31, 1989, to June 21, 1991, the company receivedgross proceeds of $2.3 million and issued 521,620 shares ofstock from the exercise of 1987 public warrants.
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