This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CombiMatrix Announces $2 Million Registered Direct Offering

IRVINE, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer, announced today that it has entered into an agreement to issue securities in a registered direct offering to an existing institutional investor that will result in gross proceeds to the Company totaling $2.0 million.

The Company entered into a definitive purchase agreement with the investor pursuant to which the Company has agreed to sell 130,000 shares of common stock at a negotiated price of $3.05 per share and approximately 1,610 units consisting of Series B convertible preferred stock and warrants. Each unit consists of one share of Series B convertible preferred stock and a warrant to purchase approximately 171 shares of common stock, at an exercise price of $3.49 per share. Each unit will be sold at a negotiated price of $1,000. In total, the Series B preferred is convertible into 528,000 shares of common stock and the warrants are exercisable for 275,000 shares of common stock. 

The warrants are not exercisable for six months following their issue date and will expire on the fifth anniversary of the date the warrants become exercisable. The Series B preferred stock is convertible at $3.05 per share and accrues an annual dividend of 6 percent beginning six months after closing. The closing of the offering is expected to take place on or prior to March 22, 2013, subject to the satisfaction of customary closing conditions. The estimated net proceeds to the Company from the offering, after deducting placement agent fees and other estimated offering expenses payable by us, are expected to be approximately $1.76 million, to be used for general corporate purposes. With the net proceeds from this offering, the Company projects to have an unaudited cash and equivalents balance of approximately $3.3 million.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs