Inotiv, Inc. Announces Closing of Public Offering and Full Exercise of Underwriter’s Option to Purchase Additional Shares
Inotiv, Inc. (NASDAQ:NOTV) announced the successful closing of an underwritten public offering of 3,044,117 common shares, including 397,058 shares from an overallotment option, priced at $17.00 per share. The offering garnered approximately $51.7 million in gross proceeds before expenses. The shares were sold under an effective shelf registration statement, and the offering was managed by Colliers Securities LLC. Inotiv specializes in contract research services for pharmaceutical companies, aiming to enhance efficiency and reduce drug development costs.
- Gross proceeds of approximately $51.7 million will support growth initiatives.
- Strengthens financial position with additional capital for future projects.
- Potential dilution of existing shares due to the new offering.
WEST LAFAYETTE, Ind., April 23, 2021 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ:NOTV) (the “Company”, “We”, “Our” or “Inotiv”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services, today announced the closing of an underwritten public offering of 3,044,117 of its common shares, including 397,058 common shares sold pursuant to the full exercise by the underwriter of its option to purchase additional shares to cover over-allotments. All of the shares were sold at a price to the public of
Colliers Securities LLC acted as Bookrunner and Sole Underwriter.
The common shares were offered pursuant to an effective shelf registration statement and base prospectus that was declared effective by the Securities and Exchange Commission (the “SEC”) on March 1, 2021. The common shares were offered only by means of a prospectus. A final prospectus supplement and accompanying prospectus were filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting Colliers Securities LLC, 90 South Seventh Street, Suite 4300, Minneapolis, Minnesota 55402 or by email at prospectus@colliers.com.
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About the Company
Inotiv, Inc., is a pharmaceutical development company providing contract research services and monitoring instruments to emerging pharmaceutical companies and the world's leading drug development companies and medical research organizations. The Company focuses on developing innovative services supporting its clients’ discovery and development objectives for improved decision-making and accelerated goal attainment. The Company’s products focus on increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Visit inotivco.com for more information about the Company.
| Company Contact | Investor Relations | |
| Inotiv, Inc. | The Equity Group Inc. | |
| Beth A. Taylor, Chief Financial Officer | Kalle Ahl, CFA | |
| (765) 497-8381 | (212) 836-9614 | |
| btaylor@inotivco.com | kahl@equityny.com | |
| Devin Sullivan | ||
| (212) 836-9608 | ||
| dsullivan@equityny.com |
FAQ
What was the share price for Inotiv's recent public offering?
How much capital did Inotiv raise from the public offering?
What is the stock symbol for Inotiv?
Who acted as the underwriter for Inotiv's public offering?
When was the public offering for Inotiv completed?
