Shares of InVivo Therapeutics (NVIV -34.9%) are down on heavy volume as traders react to its offering of 12.175M shares of common stock at $1.15, a 34% discount to yesterday's close of $1.75. The offering includes warrants priced at $0.00001 to purchase 6,087,500 shares at $1.4375. Underwriters over-allotment is 1,862,250 shares plus warrants to purchase up to 913,250 more. Closing date is May 9.
Gross proceeds will be ~$14M.