Deal sells units of common shares, warrants via bookrunner Maxim
By Devika Patel
Knoxville, Tenn., Aug. 27 – ContraFect Corp. said the underwriters for its initial public offering of units opted to exercise the deal’s $5.4 million greenshoe in part for total proceeds of $41.28 million. The deal was announced on April 21 and priced for $36 million with the greenshoe on July 29.
The company sold 6,880,333 units of one common share and 1.5 warrants at $6.00 per unit on a best-efforts basis. The first whole warrant is exercisable at $4.80 until Jan. 31, 2017, and the second half-share warrant is exercisable at $4.00 until Oct. 31, 2015.
Of the units, 880,333 were part of the fully exercised greenshoe.
Maxim Group LLC was the bookrunning manager.
Proceeds will be used for pre-clinical and early stage clinical development, research and development, working capital and other general corporate purposes.
The biotechnology company is based in Yonkers, N.Y. It expects its shares will trade on the Nasdaq exchange under the symbol “CFRX.”
| Issuer: | ContraFect Corp.
|
| Issue: | Units of one common share and 1.5 warrants
|
| Amount: | $41,281,998 (including $5,281,998 greenshoe)
|
| Units: | 6,880,333
|
| Price: | $6.00
|
| Warrants: | 1.5 warrants per unit
|
| Warrant expiration: | Jan. 31, 2017, Oct. 31, 2015
|
| Warrant strike price: | $4.80, $4.00
|
| Bookrunner: | Maxim Group LLC
|
| Announcement date: | April 21
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 27
|
| Stock symbol: | Nasdaq: CFRX
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
