By Devika Patel
Knoxville, Tenn., July 28 - CytRx Corp. will conduct a $19.98 million registered direct offering of stock, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 15,252,040 common shares at $1.31 per share. Investors also will receive warrants for 3,813,010 shares, which are each exercisable at $1.70.
Rodman & Renshaw, LLC is the placement agent. Settlement is expected July 31.
Proceeds will be used for research and development, working capital and general corporate purposes.
Based in Los Angeles, CytRx develops human therapeutics.
| Issuer: | CytRx Corp.
|
| Issue: | Common stock
|
| Amount: | $19,980,172.40
|
| Shares: | 15,252,040
|
| Price: | $1.31
|
| Warrants: | For 3,813,010 shares
|
| Warrant strike price: | $1.70
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Stock symbol: | Nasdaq: CYTR
|
| Stock price: | $1.24 at close July 27
|
| Market capitalization: | $117 million
|
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