By LLuvia Mares
New York, Nov. 7 - Hythiam announced it plans to raise a $46 million private placement of stock.
The company will sell 9.6 million shares at $4.79 each, the company's stock closing price on Nov. 6 and warrants to purchase 2.4 million additional shares at $5.75 per share. The warrants expire in five years.
The total also includes the conversion of $5 million in senior secured notes.
Proceeds will be used for working capital and other general corporate purposes.
Rodman & Renshaw, LLC was placement agent.
Los Angeles-based Hythiam provides behavioral health management services to health plans, employers, criminal justice, and government agencies.
Issuer: Hythiam, Inc.
Issue: Stock
Amount: $46 million
Shares: 9.6 million
Price: $4.79
Warrants: For 2.4 million
Warrant strike price: $5.75
Warrant expiration: Five years
Pricing date: Nov. 6
Settlement date: Nov. 7
| Placement agent: | Rodman & Renshaw, LLC
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| Stock symbol: | Nasdaq: HYTM
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| Stock price: | $4.79 at close Tuesday
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