BioCardia announces $11.5m offering

Heart failure therapy developer BioCardia (OTC:BCDA) announced that it is offering shares of common stock worth $11.5 million.
The San Carlos, Calif.-based company is offering nearly 2.9 million shares of its common stock at a $0.001 par value per share.
It is also offering an opportunity for certain purchasers whose purchase would otherwise result in it beneficially owning more than 4.99% of BioCardia’s outstanding common stock to purchase pre-funded warrants exercisable for one share of common stock.
For each pre-funded warrant BioCardia sells, the number of shares of common stock in the offering will be reduced on a one-for-one basis.
As of June 12 when the company put out a prospectus for the offering, its stock on the Nasdaq market traded at $3.45 per share. In late-afternoon trading today, shares of BCDA are down -2% at $3.38 per share. The company does not intend to list the pre-funded warrants on the Nasdaq or any other exchange.
BioCardia said in the prospectus that certain affiliates have indicated an interest in purchasing up to $1.2 million shares of common stock in the offering on the same terms as those offered to the public.
Underwriters in the offering were granted a 45-day option to purchase up to 434,782 additional shares of common stock solely to cover overallotments, if any exist.
Original Article: (https://www.massdevice.com/biocardia-announces-11-5m-offering/)