Zomedica Raises $173.5M At 30% Discount, Shares Plunge

• Zomedica Corp (NYSE: ZOM) has sharply increased the size of the previously announced public offering to 91.3 million at $1.90 per share, raising gross proceeds of $173.5 million, compared to an earlier offering of mere 13 million shares for $25 million.

• The offer price is about 30% below its last closing price of $2.70 on Monday. The offering is expected to close by February 11.

• H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

• The company is gearing up for the upcoming launch of its Truforma diagnostic platform for dogs and cats, slated for March 30.

• Zomedica said that it would use the cash from its stock offering to fund the development of Truforma and make milestone payments to its technology partners.

• Price Action: ZOM stock cratered 16.3% at $2.26 in the premarket session on the last check Tuesday.

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