Milestone Scientific Announces Effectiveness of Its Public Offering and Commencement of Trading in Its Units on the American Stock Exchange under the Symbol 'MSE.U'
biz.yahoo.com
Wednesday February 18, 3:24 pm ET
LIVINGSTON, N.J.--(BUSINESS WIRE)--Feb. 18, 2004--Milestone Scientific Inc. (AMEX: MS - News, MSE.U - News) today announced that its public offering of 1,440,000 units at $6.52 per unit was declared effective on February 17, 2004 at 5:00 PM. The units, each of which consists of two shares of common stock and one warrant to purchase an additional share of common stock at $4.89, commenced trading on the American Stock Exchange this morning, under the ticker symbol "MSE.U." Gross proceeds to the Company from this offering will be approximately $9.4 million. The offering is expected to close February 23, 2004. The offering is being lead managed by Paulson Investment Company, Inc and co-managed by S.W. Bach & Company. Paulson has been granted an option to purchase up to 216,000 additional units from the Company for the purpose of covering over allotments, if any. This offering may only be made by prospectus. Copies of the prospectus may be obtained from Paulson Investment Company, Inc., S.W. 811 Naito Parkway, Suite 200, Portland, OR 97204, telephone no. (503) 243-6000.
The common stock and the warrants included in the units will not begin to trade separately until March 18, 2004. Once they begin trading, the common stock included in the units will trade under the current common stock symbol, "MS," and the warrants will trade under the ticker symbol "MS.WS." Once the separate trading of common stock and warrants included in the units begins, the units will no longer trade.
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