By Sheri Kasprzak
New York, Dec. 13 - Hythiam, Inc. plans to close a $26.28 million private placement of its stock.
A group of funds affiliated with existing investors and institutional investors agreed to buy 3.6 million shares at $7.30 each. The price per share represents a 10% discount to the company's volume weighted average stock price over the past 15 trading days.
UBS Securities LLC and William Blair & Co. were the placement agents.
The deal is set to close Dec. 18.
Proceeds will be used for infrastructure, sales and marketing, and strategic partnerships as well as other general corporate purposes.
Los Angeles-based Hythiam develops and commercializes treatments for drug and alcohol dependency for rehabilitation centers.
| Issuer: | Hythiam, Inc.
|
| Issue: | Stock
|
| Amount: | $26.28 million
|
| Shares: | 3.6 million
|
| Price: | $7.30
|
| Warrants: | No
|
| Placement agents: | UBS Securities LLC and William Blair & Co.
|
| Announcement date: | Dec. 13
|
| Settlement date: | Dec. 18
|
| Stock symbol: | Nasdaq: HYTM
|
| Stock price: | $8.40 at close Dec. 12
|
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