Viveve ups share count, lowers share price in $13.5m NASDAQ uplisting

Viveve (OTC:VIVMD) today tweaked the value of its uplisting from the over-the-counter exchange to the NASDAQ board, expecting to sell 2.7 million shares at $5 per share to bring in $13.5 million.

Sunnyvale, Calif.-based Viveve makes a non-surgical treatment for post-partum laxity of the vaginal introitus.

The company put a 1-for-8 reverse split into place in April, and said in May it planned to offer 1.6 million shares at $8 a piece, which would have brought in just under $13 million, hitting the NASDAQ exchange under the “VIVE” symbol.

The offering comes with a 45-day underwriters option to purchase an additional 405,000 shares which could net the company an additional $2 million.

Viveve said it expects to bring in approximately $12.2 million in the round after expenses, discounts and commissions, and as much as $14.1 million if the over-allotment is exercised in full, according to an SEC filing.

The company expects the sale to close on or about June 17. Ladenburg Thalmann & Co and Craig-Hallum Capital Group are acting as joint book-running managers for the offering, with Maxim Group acting as co-manager.

In April Viveve said it planned to drum up $11.5 million with the flotation.

Viveve’s losses widened last year by 101.1% to -$12.4 million, or -$2.47 per share, on sales growth of 1,507.8% to $1.4 million compared with 2014, according to the filing. Last month the company said 1st-quarter losses grew 62.7% to -$4.1 million, or -55 per share, on sales of $1.3 million for the 3 months ended March 31.

The post Viveve ups share count, lowers share price in $13.5m NASDAQ uplisting appeared first on MassDevice.

from MassDevice http://ift.tt/237Lm9i