Published on 6/3/2016 in the Prospect News PIPE Daily.
Lion Biotechnologies plans $100 million sale of stock and preferreds
Securities sold at $4.75, a 21.23% discount to June 2 closing price
By Devika Patel
Knoxville, Tenn., June 3 – Lion Biotechnologies, Inc. said it arranged a $100 million private placement of stock and series B convertible preferred stock.
The company will sell 9,684,000 common shares at $4.75 per share and 11,368,633 preferreds at $4.75 per preferred. The purchase price is a 21.23% discount to the June 2 closing share price of $6.03.
The preferreds will each be convertible into one common share.
Settlement is expected June 7.
The biotechnology company is based in New York.
Issuer: | Lion Biotechnologies, Inc.
|
Issue: | Series B convertible preferred stock, common stock
|
Amount: | $100 million
|
Price: | $4.75
|
Warrants: | No
|
Pricing date: | June 3
|
Settlement date: | June 7
|
Stock symbol: | Nasdaq: LBIO
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Stock price: | $6.03 at close June 15
|
Market capitalization: | $402.13 million
|
|
Stock
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Amount: | $45,999,000
|
Shares: | 9,684,000
|
|
Preferreds
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Amount: | $54,001,007
|
Preferreds: | 11,368,633
|
Conversion rate: | Into one common share (per preferred)
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