Nephros Inc: Falls on discounted stock offering

Nephros

31/01/2020 15:36

** Shares of water purification system maker  NEPH.O  fall
11% to $8.40
    ** NEPH says offering 937,500 shares at $8/shr, a 15.3%
discount to stock's last close  urn:newsml:reuters.com:*:nGNX4Mnl5S
    ** Offer size represents ~13% of co's free float    
    ** Expects to use net proceeds of $7.1 mln for working
capital and general corporate purposes  
    ** Nephros ended 2019 with about $4.1 mln in cash
 urn:newsml:reuters.com:*:nGNX41LpvM
    ** Craig-Hallum Capital Group is sole managing underwriter
for the offering, while Maxim Group and Benchmark Company LLC
are acting as financial advisors
    ** Shares jumped 8.7% on Oct. 7 after co raised 2019
forecast, but fell 15.9% since
    ** Including session losses, stock has risen ~63% in the
past 12 months 

 (Reporting by Mrinalika Roy in Bengaluru)
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