Quotient dives on pricing $20 mln share offering

Quotient

24/06/2022 13:55

(Updates with stock offering pricing details)
    ** Quotient Limited  QTNT.O  shares drop >20% premarket
after Switzerland-based diagnostics firm prices equity offering
    ** Co sells ~66.7 mln shares for $20 mln gross raise
 urn:newsml:reuters.com:*:nGNX6ztBDb
    ** Offering prices at $0.30 vs stock's $0.40 last sale
    ** Co to use expected net offering proceeds of ~$18.5 mln to
fund ongoing development, commercialization of its MosaiQ blood
testing platform
    ** Jefferies and Cowen jt bookrunners for equity offering
    ** Early Fri, co posted fiscal Q4 rev of $9.8 mln, above
Street consensus of $8.2 mln, per Refinitiv IBES data, and said
sees FY 2023 rev of $39-$42 mln compared to $38.5 mln in FY 2022
 urn:newsml:reuters.com:*:nGNX94bYqj
    ** Co has ~102.6 mln shares outstanding and ~77 mln shares
of public float, per Refinitiv 
    ** QTNT has lost 85% YTD through Thurs close
    ** ~1.2 mln shares have exchanged hands before the bell vs
stock's 10-DMA volume of ~1.9 mln, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))