EMCORE Corp EMKR shares are trading lower by 40% to $0.46 Thursday morning after the company announced the pricing of its $15.8 million public offering of 19,652,174 shares of its common stock at $0.50 per share.
Gross proceeds to EMCORE are expected to be approximately $15.8 million before deductions. The offering is set to close on or about Aug. 21, subject to standard conditions.
An option for the underwriter to acquire up to 2,947,826 more common stock shares is also in place.
According to data from Benzinga Pro, EMKR has a 52-week high of $3.04 and a 52-week low of $0.43.
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