Power Medical Interventions Announces Closing of IPO and Exercise of Underwriters' Over-Allotment Option
11/2/2007 9:10:26 AM
LANGHORNE, Pa., Nov. 2, 2007 (PRIME NEWSWIRE) -- Power Medical Interventions(r), Inc. ("PMI") (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments, today announced that it has closed its previously announced initial public offering of 3,850,000 shares of its common stock and that the underwriters of the offering have fully exercised their over-allotment option, purchasing an additional 577,500 shares of common stock at a price of $11.00 per share. Including the over-allotment, the company sold 4,427,500 shares in the offering, resulting in net proceeds of approximately $41.8 million after deducting the underwriting discounts and commission and the estimated offering expenses.
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