Immucell: Hits 16-month low as $9 mln stock deal prices

ImmuCell

27/03/2019 15:21

** Immucell's shares  ICCC.O  drop as much as 16.8 pct to a
16-month low of $5.55
    ** The animal health co says offering of 1.64 mln shares was
priced at $5.50 each for gross proceeds of $9 mln
    ** Says to mainly use proceeds to expand production
facilities and any remainder to pay off debt or used as working
capital  urn:newsml:reuters.com:*:nASB01DVA
    ** Immucell had a market value of $37.2 mln as of Tuesday's
close, based on 5.6 mln shares outstanding -Refinitiv data
    ** ICCC last down 11.6 pct, set for biggest one-day pct
decline since December 2017
    ** ICCC now down >16 pct YTD, adding to a ~20 pct drop in
2018

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))