CombiMatrix gets commitments for $8.25M offering

Washington State, USA-based CombiMatrix  that it has obtained commitments from a group of select investors to purchase up to $8.25  million of its common stock and warrants in a registered direct  offering. Under the terms of the transaction, the company will sell  around 1.1 million units for $7.50 per unit. Each unit will consist of  one share of CombiMatrix common stock and one warrant, each warrant to  purchase one share of common stock at an exercise price of $9.00 per  share.

The warrants may be exercised beginning six months after the offering  and have a term of five years. The warrants will be callable under  certain conditions. The closing of the offering is expected to take  place on or about May 1, subject to the satisfaction of customary  closing conditions. The units are being offered and sold by the firm  pursuant to an effective shelf registration statement previously filed  with and declared effective by the Securities and Exchange Commission.  Proceeds from the offering, net of placement agent fees and expenses,  are expected to be approximately $7.57 million. Emerging Growth Equities  served as the placement agent for the offering, and The Benchmark Co  acted as a selected dealer.