By Devika Patel
Knoxville, Tenn., Aug. 25 - Emisphere Technologies, Inc. arranged a $7.07 million private placement of stock on Aug. 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 6,995,056 common shares at $1.01 apiece, along with warrants for 5,246,292 shares.
The warrants are exercisable at $1.26 for five years. The strike price reflects a 4.55% discount to the $1.32 closing share price on Aug. 24.
MHR Fund Management LLC will invest $3.53 million.
Proceeds will be used to fund the company's operations, satisfy debts, settle outstanding litigation and meet the company's obligations as they may arise.
Tarrytown, N.Y.-based Emisphere is a biopharmaceutical company.
Issuer: | Emisphere Technologies, Inc.
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Issue: | Common stock
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Amount: | $7,065,007
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Shares: | 6,995,056
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Price: | $1.01
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Warrants: | For 5,246,292 shares
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Warrant expiration: | Five years
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Warrant strike price: | $1.26
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Pricing date: | Aug. 25
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Stock symbol: | OTCBB: EMIS
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Stock price: | $1.32 at close Aug. 24
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Market capitalization: | $45.07 million
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