IMRIS Inc. (TSX: IM; NASDAQ: IMRS) ("IMRIS" or the "Company") announced today that its common shares have commenced trading on the NASDAQ Global Market under the symbol "IMRS". IMRIS' common shares are dual listed on the Toronto Stock Exchange and the NASDAQ Global Market.
In addition, IMRIS announced today the terms of its previously announced public offering of its common shares (the "Offering"). In connection with the Offering, IMRIS and a certain selling shareholder will sell 11,000,000 common shares at a public offering price of US$5.00 per share.
Of the common shares being sold in the Offering, 10,500,000 common shares will be sold by the Company and 500,000 common shares will be sold by a selling shareholder, resulting in aggregate gross proceeds to IMRIS of US$52,500,000.
In addition, IMRIS has granted the underwriters an option to purchase up to an additional 1,650,000 common shares at the public offering price to cover any over-allotments, exercisable during the period ending 30 days from the closing of the Offering. The Offering is expected to close on or about November 24, 2010.
Canaccord Genuity and Lazard Capital Markets LLC are joint book-running managers for the Offering. Wedbush PacGrow Life Sciences, GMP Securities L.P., RBC Capital Markets, Paradigm Capital Inc. and Versant Partners Inc. are acting as co-managers.