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Strong demand for SKBI shares: Rodman & Renshaw excercised over-allotment option



July 02, 2009 – Comments (0)

Rodman & Renshaw, LLC exercised the over-allotment option to purchase an additional 210,000 shares of common stock, raising an additional $2.73 million in gross proceeds and bringing total gross proceeds of the offering to $20.90 million, prior to deducting underwriting discounts, commissions and offering expenses.

 Skystar granted the option in connection with its previously announced public offering of 1,400,000 shares of common stock at an offering price of $12.98 per share, which is expected to close on July 7, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for the completion of a new vaccine facility; the construction of a new production facility for micro-organisms and feed additives; acquisitions of other companies in the veterinary healthcare industry; and working capital and general corporate purposes, including research and development and marketing.

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