By Sheri Kasprzak
New York, Nov. 29 - American Oriental Bioengineering Inc. revealed the full terms of its previously announced $60 million unit offering.
The company, as reported earlier, plans to sell 12.5 million units at $4.80 each.
The units include one share and one warrant for 0.3 of a share. The whole warrants are exercisable at $6.50 each.
Proceeds will be used for acquisition and general corporate purposes.
Currently, the company has only 9.7 million shares available for issue. The offering will require shareholder approval to increase the number of authorized shares.
Hong Kong-based American Oriental makes and distributes pharmaceutical and nutraceutical products.
| Issuer: | American Oriental Bioengineering Inc.
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| Issue: | Units of one share and one warrant for 0.3 of a share
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| Amount: | $60 million
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| Units: | 12.5 million
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| Price: | $4.80
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| Warrants: | One warrant for 0.3 of a share per unit
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| Warrant strike price: | $6.50
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| Pricing date: | Nov. 23
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| Stock price: | $5.02 at close Nov. 23
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