By Abigail W. Adams
Portland, Me., April 16 – EyeGate Pharma priced a $6.5 million offering of par of $1,000 series C convertible preferred stock at par prior to the market open Monday, according to a 424B5 filing with the Securities and Exchange Commission.
H.C. Wainwright & Co. is the sole bookrunner for the offering, which was made up of 6,536.4 shares.
The series C convertible preferred stock will be sold alongside warrants at the rate of 1 warrant per common share.
The convertible preferred stock is offered to purchasers who would beneficially own more than 4.99% of outstanding common stock through participation in the concurrent common stock offering.
Eyegate is offering up to 14.73 million shares of common stock and warrants to purchase up to 35,156,250 shares of common stock. There are 20,426,250 shares of common stock underlying the series C convertible preferred stock.
The shares and warrants will be sold at a combined purchase price of 32 cents per share.
The warrants carry a strike price of 32 cents per share, are immediately exercisable and expire in five years.
The series C convertible preferred stock is freely convertible by the holder unless conversion would result in a beneficially ownership of more than 4.99%.
Proceeds from the offerings will be used for general corporate purposes including funding clinical trials.
EyeGate Pharma is a Waltham, Mass.-based late stage pharmaceutical company focused on treating eye diseases and disorders.
| Issuer: | EyeGate Pharma
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| Securities: | Series C convertible preferred stock
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| Amount: | $6.5 million
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| Maturity: | Perpetual
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| Bookrunners: | H.C. Wainwright & Co.
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| Dividend: | 0%
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| Price: | Par
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| Conversion price: | 32 cents
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| Conversion rate: | 3,125
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| Conversion premium: | 0%
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| Concurrent offering: | 14.73 million shares of common stock and warrants to purchase up to 35,156,250 shares of commons tock
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| Warrants: | For 20,426,250 shares
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| Warrant strike price: | $0.32
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| Warrant expiration: | Five years
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| Pricing date: | April 16
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| Stock symbol: | Nasdaq: EYEG
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| Stock price: | $0.355 as of market close April 13
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| Market capitalization: | $6.23 million
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