BOSTON ( TheStreet) -- Vantage Drilling (VTG - Get Report) was one of several stocks trading near $5 poised to move on above-average volume Tuesday after the company announced a $50 million offering of common shares and a $960 million debt offering.
Vantage Drilling said it intends to offer $50 million of ordinary shares, and that underwriters of the offering have the option to purchase an additional $7.5 million of ordinary shares to cover overallotments. Concurrently, Vantage's subsidiary Offshore Group Investment will offer $960 million in senior secured notes due 2015.
Vantage said the consummation of the public offering of common shares is conditioned upon the closing of Offshore's note offering and the closing of Vantage's previously announced acquisition of the 55% interest in Mandarin Drilling. Net proceeds from the concurrent offerings will be used to fund the acquisition, with the remainder to be used to repay debt and for remaining construction payments.
Shares of Vantage Drilling closed Monday at $1.09 and were indicated lower in Tuesday's premarket session. The average daily share volume for Vantage Drilling is 1.45 million.Also on the downside, shares of AspenBio (APPY - Get Report) dropped by 10 cents, or 10.3%, to 87 cents in Monday's after-market session after the company said its AppyScore experimental blood-based test to diagnose appendicitis. Based on the results, AspenBio said it will not file for a premarket notification with the Food and Drug Administration for the AppyScore test. Following the announcement, ThinkEquity analysts downgraded AspenBio to hold from buy. The average daily share volume for AspenBio is 1.04 million. On the upside, First M&F (FMFC) shares rallied by 61 cents, or 15.7%, to $4.49 in the premarket session after the bank holding company posted a second-quarter profit of 9 cents a share, swinging from a year-ago loss of 61 cents a share. The average daily share volume for First M&F is 3,000. Among other volume movers Tuesday, Nokia (NOK - Get Report) shares rose by 27 cents, or 3.1%, to $9.09 in the premarket session on a report by The Wall Street Journal that the handset maker is looking to replace CEO Olli-Pekka Kallasvuo. The average daily share volume for Nokia is 33.32 million. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.