Over-allotment takes Hancock Jaffe IPO to nearly $9m

The underwriter of an initial public offering by Hancock Jaffe Laboratories (NSDQ:HJLI) this week exercised in full its over-allotment option, taking the gross proceeds from the flotation to nearly $9 million. The IPO, which priced on the last day of May, initially brought in $7.5 million for Irvine, Calif.-based Hancock Jaffe, which makes bioprosthetic implants designed to treat chronic deep vein insufficiency, heart valve conditions and coronary artery bypass grafts. The shares trade on the NASDAQ exchange under the symbol “HJLI.” Network 1 Financial Securities, the offering’s managing underwriter, exercised the full option for 225,000 shares at $5 apiece, adding more than $1.1 million to the deal. Hancock Jaffe’s total gross from the offering was $8.6 million, the company said in a June 12 regulatory filing. Last December the company said it planned to float nearly 1.9 million shares at $6 to $8 apiece, for gross proceeds of $11.3 million to $15.0 million, or $13.1 million at the midpoint. But in May Hancock Jaffe cut the amount of shares to roughly 1.1 million at the same price range, for gross proceeds of $6.9 million to $9.1 million; each unit would consist of a share of common stock and a warrant for another share, according to the filing. Finally, in pricing the offering yesterday, the company boosted the number of shares to 1.5 million but priced below the range at $5 per unit, for gross proceeds of $7.5 million. In 2016 Hancock Jaffe dealt ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Initial Public Offering (IPO) Vascular Wall Street Beat hancockjaffelabs Source Type: news