Rodman & Renshaw sells American Depositary Shares, five-year warrants
By Devika Patel
Knoxville, Tenn., March 23 - EDAP TMS SA said it plans a $5.63 million registered direct offering of American Depositary Shares.
The company will sell 2,812,500 ADS at $2.00 per ADS. The price per share reflects a 13.79% discount to the March 22 closing share price of $2.32.
Investors will also receive warrants for 1,406,250 ordinary shares, which are each exercisable at $2.75 for five years. The strike price is an 18.53% premium to the March 22 closing share price.
Rodman & Renshaw, LLC is the agent.
Settlement is expected March 28.
Based in Lyon, France, EDAP focuses on its Ablatherm product, a high-intensity focused ultrasound treatment for prostate cancer.
| Issuer: | EDAP TMS SA
|
| Issue: | American Depositary Shares
|
| Amount: | $5,625,000
|
| Shares: | 2,812,500
|
| Price: | $2.00
|
| Warrants: | For 1,406,250 ordinary shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.75
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Stock symbol: | Nasdaq: EDAP
|
| Stock price: | $2.32 at close March 22
|
| Market capitalization: | $26.23 million
|
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