Company sells 1,158,730 common shares at $3.15 apiece with warrants
By Devika Patel
Knoxville, Tenn., May 10 - MediciNova, Inc. negotiated a $3.65 million private placement of stock on May 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 1,158,730 common shares at $3.15 apiece, a 31.97% discount to the May 8 closing share price of $4.63.
Investors also will receive warrants for 869,047 shares. The warrants are exercisable at $3.15 for five years. The strike price is also a 31.97% discount to the May 8 closing price.
Settlement is expected May 13.
MediciNova is a San Diego-based development-stage biopharmaceutical company.
| Issuer: | MediciNova, Inc.
|
| Issue: | Common shares
|
| Amount: | $3.65 million
|
| Shares: | 1,158,730
|
| Price: | $3.15
|
| Warrants: | For 869,047 shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $3.15
|
| Pricing date: | May 9
|
| Settlement date: | May 13
|
| Stock symbol: | Nasdaq: MNOV
|
| Stock price: | $4.63 at close May 8
|
| Market capitalization: | $64.4 million
|
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