By Devika Patel
Knoxville, Tenn., Aug. 19 - Emisphere Technologies, Inc. announced a $4 million registered direct offering of stock and a $4 million private placement of stock.
The company will sell 5,714,286 common shares at $0.70 apiece. Investors also will receive warrants for 2,685,714 shares, which are exercisable at $0.70 for five years.
Rodman & Renshaw, LLC is the agent.
Settlement of the offering is expected on Aug. 24.
Emisphere also announced that it has entered into a separate agreement with MHR Fund Management LLC to sell $4 million of shares in a private placement.
Emisphere has agreed to sell 6,015,037 shares and warrants for 3,729,323 shares. The warrants will be exercisable at $0.70 for five years.
Proceeds from these financings will be used to fund operations and meet the company's obligations as they arise.
Tarrytown, N.Y.-based Emisphere is a biopharmaceutical company.
| Issuer: | Emisphere Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $8 million
|
| Pricing date: | Aug. 19
|
| Stock symbol: | OTCBB: EMIS
|
| Stock price: | $0.90 at close Aug. 19
|
| Market capitalization: | $27.3 million
|
|
|
| Direct offering
|
| Amount: | $4 million
|
| Shares: | 5,714,286
|
| Price: | $0.70
|
| Warrants: | For 2,685,714 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Agent: | Rodman & Renshaw, LLC
|
| Settlement date: | Aug. 24
|
|
|
| Placement
|
| Amount: | $4 million
|
| Shares: | 6,015,037
|
| Warrants: | For 3,729,323 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Investor: | MHR Fund Management LLC
|
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