The company reduced the number of shares to be issued to 1.9 million from 2.7 million.
Diabetes holding company D Medical Industries Ltd. (TASE:DMDC) has reduced its planned Nasdaq offering to $17.3 million from $20-25 million. In an updated prospectus filed with the US Securities and Exchange Commission (SEC), the company now plans to issue 1.9 million shares at $10-12 per share, instead of 2.7 million at that price.
The amount raised could be increased by up to $2.8 million if the underwriters, Rodman & Renshaw Capital Group Inc. (Nasdaq: RODM) and ThinkEquity Partners LLC, exercise their over-allotment option.
If the Nasdaq offering goes ahead as now planned, D Medical will have a market cap of $80-95 million. The share price rose 4% on the TASE today to NIS 33.70, giving a market cap of NIS 200 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2010
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