Offering will include five-year warrants for 3,571,425 common shares
By Devika Patel
Knoxville, Tenn., Nov. 20 – Galectin Therapeutics Inc. said it negotiated a $9.81 million registered direct offering of stock. Roth Capital Partners is the agent.
The company will sell 4,761,900 common shares at $2.06 apiece. The price per share represents a 14.17% discount to the Nov. 19 closing share price of $2.40.
The investors will also receive warrants for 3,571,425 shares, which are each exercisable at $2.50 for five years. The strike price is a 4.17% premium to the Nov. 19 closing share price.
Settlement is expected Nov. 25.
Proceeds will be used for clinical trial expenses, other research and development expenses, and for general corporate purposes.
The drug development company is based in Newton, Mass.
| Issuer: | Galectin Therapeutics Inc.
|
| Issue: | Common stock
|
| Amount: | $9,809,514
|
| Shares: | 4,761,900
|
| Price: | $2.06
|
| Warrants: | For 3,571,425 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Agent: | Roth Capital Partners
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: GALT
|
| Stock price: | $2.40 at close Nov. 19
|
| Market capitalization: | $51.21 million
|
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