Check-Cap Ltd., a clinical stage medical diagnostics company engaged in the development of a preparation-free ingestible imaging capsule that utilizes low-dose X-rays for the screening for colorectal cancer, announced the pricing of its initial public offering of 2, 000, 000 units at a price to the public of $6.00 per unit and that it expects to raise aggregate gross proceeds of approximately $12 million in its initial public offering and $12 million in a simultaneous private placement of the same securities, before deducting underwriting discounts, placement agent commissions, and other estimated offering expenses.
Check-Cap has granted the underwriters a 45-day option to purchase up to an additional 300, 000 units, each consisting of one ordinary share and one-half of a Series A Warrant (to be issued together with up to an additional 450, 000 Long Term Incentive Warrants), at the initial public offering price per unit, less the underwriting discount, solely to cover over-allotments, if any.
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Chardan Capital Markets, LLC and Maxim Group LLC are acting as joint book-running managers for the public offering. Feltl and Company is acting as a co-manager for the public offering.
