Chembio Diagnostics (CEMI -3.8%) slips after pricing a public offering of 1.2M shares at $5, a...

|About: Chembio Diagnostics, Inc. (CEMI)|By:, SA News Editor

Chembio Diagnostics (CEMI -3.8%) slips after pricing a public offering of 1.2M shares at $5, a 2.9% discount to Wednesday's close. Net proceeds on the sale come to around $5.5M, for which the maker of diagnostic testing equipment maker plans to use the funds for business expansion and working capital. Prior to the offering, it's current float stood at about 8.09M shares. Craig-Hallum is the sole book-running manager.