Deal funds working capital purposes; Roth Capital Partners is agent
By Devika Patel
Knoxville, Tenn., Dec. 22 - Arca Biopharma, Inc. arranged a $1.75 million private placement of units on Dec. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission. Roth Capital Partners is the agent.
The company will sell 1,666,666 units of one common share and 0.75 warrants at $1.05 per unit.
The whole, five-year warrants will each be exercisable at $1.435, a 5.52%% premium to $1.36, the Dec. 20 closing share price.
Proceeds will be used solely for general working capital purposes.
Arca is a Broomfield, Colo., biopharmaceutical company.
| Issuer: | Arca Biopharma, Inc.
|
| Issue: | Units of one common share and 0.75 warrants
|
| Amount: | $1.75 million
|
| Units: | 1,666,666
|
| Price: | $1.05
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.435
|
| Agent: | Roth Capital Partners
|
| Pricing date: | Dec. 21
|
| Stock symbol: | Nasdaq: ABIO
|
| Stock price: | $1.35 at close Dec. 21
|
| Market capitalization: | $10.83 million
|
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