Rodman & Renshaw raises funds for working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 28 – Aoxing Pharmaceutical Co., Inc. negotiated a $3 million registered direct offering of shares, according to a prospectus supplement filed Monday with the Securities and Exchange Commission.
The company will sell 2,352,941 common shares at $1.275 per share on a best-efforts basis.
Investors will also receive warrants for 1,905,882 shares, which are each exercisable at $1.74 until March 31, 2021. The strike price is a 6.1% premium to the Sept. 28 closing share price of $1.64.
Rodman & Renshaw is the agent.
Settlement is expected Sept. 30.
Proceeds will be used for working capital and general corporate purposes.
The Jersey City, N.J., pharmaceutical company specializes in narcotics and pain-management products.
| Issuer: | Aoxing Pharmaceutical Co., Inc.
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| Issue: | Common stock
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| Amount: | $3 million
|
| Shares: | 2,352,941
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| Price: | $1.275
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| Warrants: | For 1,905,882 shares
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| Warrant expiration: | March 31, 2021
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| Warrant strike price: | $1.74
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| Agent: | Rodman & Renshaw
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
|
| Stock symbol: | NYSE: AXN
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| Stock price: | $1.64 at close Sept. 25
|
| Market capitalization: | $98.44 million
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