MILWAUKEE (AP) — Health information technology firm Merge Healthcare said Friday it has made agreements to raise up to $27.3 million in a direct offering with institutional investors.
The transaction is expected to close next Wednesday, Nov. 18, subject to customary closing conditions. The company expects to sell over 9 million shares at $3 each.
Merge said it plans to use the proceeds to for general corporate purposes.
Shares of Merge Healthcare Inc. fell 48 cents, or 13.3 percent, to close at $3.12 in the regular session and lost another 5 cents after hours.
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