Marrone Bio Innovations completed a $40 million stock offering Wednesday, the second time in less than a year it has raised millions from the investing public.
The Davis biotech company said its stock offering was priced at $9.50 a share. A total of 5.175 million shares were sold, including 600,000 shares by a Singapore financial firm that was an investor in Marrone. Investors paid a total of $49 million for the shares. Deducting underwriting expenses and the proceeds to the Singapore firm, Marrone took around $40 million from the offering.
The deal means Marrone, a maker of environmentally-friendly pesticides, has tapped the public stock market for a combined $105 million in the past ten months. Its initial public offering took place last August.
Marrones share price closed at $10.76, down 19 cents, on the Nasdaq global market.
The company has said it will use the proceeds of the stock offering to speed up product development and commercialization, and to complete a manufacturing facility in Michigan.
Call The Bees Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.