WILMINGTON … Contract drug research company AaiPharma plans to sell an additional 1.5 million shares of stock, according to papers the company filed with the U.S. Securities and Exchange Commission.
The company says it plans to use proceeds from the stock sale, about $45 million based on Friday afternoon’s trading price, to pay off current credit facilities. Following the offering, the company will have 19.5 million shares outstanding.
Current AaiPharma shareholders also plan to sell 1.1 million shares as part of the offering, according to the filing.