Stock Offerings: First of Long Island

BOSTON (TheStreet) -- First of Long Island (FLIC) shares rose even after the company priced an offering of common stock at a discount to its previously closing price.

First of Long Island shares slipped at the start of Thursday's trading session after the bank holding company said it will offer 1.25 million share of common stock at a price of $24 per share, a 2.3% discount to Wednesday's closing price. Underwriters were given a 30-day option to purchase up to an additional 187,500 shares to cover overallotments.

First of Long Island said net proceeds of approximately $28 million will be used for general corporate purposes, which could include contributing capital to its wholly owned bank subsidiary, the First National Bank of Long Island.

Shares of First of Long Island were higher by 54 cents, or 2.2%, to $25.10.

Elsewhere, BioMimetic Therapeutics (BMTI) said it has priced an offering of 5 million shares of common stock at $8.50 per share. Underwriters were granted a 30-day option to purchase up to 750,000 additional shares to cover overallotments.

BioMimetic said it expects net proceeds of approximately $40 million, which will be used to fund clinical trials for the company's product candidates, research and development activities, and completion of its manufacturing facility.

Shares of BioMimetic fell by 30 cents, or 3.3%, to $8.86.

Meanwhile, Jingwei International Limited (JNGW) filed for a $30 million mixed shelf offering with the Securities and Exchange Commission. Proceeds from any future offering will be used for general corporate purposes, the company said. Shares of Jingwei were lower by 3 cents, or 0.5%, to $5.87.

Shares of Evolution Petroleum (EPM) were flat at $5.12 after the company filed for a $50 million mixed shelf offering. Net proceeds from the sale of any securities will be used for general corporate purposes, the company said.

-- Written by Robert Holmes in Boston.

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