LONDON (ShareCast) - (Sharecast News) - Cell engineering technology company MaxCyte announced the pricing of its upsized offering of 13,500,000 shares on Nasdaq on Friday, at a price of $13.00 per share.
The AIM-traded firm said it expected gross proceeds of $175.5m, or $201.83m if the underwriters exercised their option to purchase additional shares in full, before deducting underwriting discounts and commissions and estimated offering expenses.

It said it intended to use the net proceeds for research and development initiatives, to expand its manufacturing capabilities and invest in manufacturing automation, to expand its sales and marketing, business development and field application scientist teams, and for working capital and general corporate purposes.

The shares were expected to commence trading on the Nasdaq Global Select Market on 30 July, under the symbol 'MXCT'.

"MaxCyte has granted the underwriters a 30-day option to purchase up to 2,025,000 additional shares of common stock at the initial offering price per share of common stock less underwriting discounts and commissions," the board said in its statement.

"The closing of the offering is expected to occur on 3 August, subject to customary closing conditions."

At 1204 BST, shares in MaxCyte were up 3.61% at 973.9p.

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