Offering consists of one share and warrant to purchase 0.5 of share
By Susanna Moon
Chicago, Feb. 11 – Apricus Biosciences, Inc. arranged an $11 million registered direct offering with Sarissa Capital Management LP and an additional accredited investor.
The company will sell 6,043,955 shares of common stock and warrants for up to 3,021,977 shares. The shares and warrants are being sold in combination, consisting of one share of common stock and a warrant to purchase 0.5 of a share, at an offering price of $1.82, according to a company press release.
The warrants will become exercisable beginning six months and one day from issue, expire seven years after the issue date and have an exercise price of $1.82 per share.
The offering price and exercise price represent the closing price of the company's common stock as of Feb. 10.
Proceeds will be used to fund working capital and general corporate purposes.
Apricus is a pharmaceutical research and development company based in San Diego.
| Issuer: | Apricus Biosciences, Inc.
|
| Issue: | Stock and warrants
|
| Amount: | $11 million
|
| Shares: | 6,043,955
|
| Warrants: | For 0.5 of share each, or up to 3,021,977 shares total
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.82
|
| Agent: | Sarissa Capital Management LP
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 13
|
| Stock symbol: | Nasdaq: APRI
|
| Stock price: | $1.82 at close Feb. 10
|
| Market capitalization: | $78.23 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
