Company sells units of shares, five-year warrants at $3.25 per unit
By Devika Patel
Knoxville, Tenn., Aug. 29 – OncoCyte Corp. completed a $10.55 million private placement of units on Aug. 29, according to an 8-K filed Monday with the Securities and Exchange Commission. Cowen and Co., LLC was the agent.
The company sold 3,246,153 units of one common share and one warrant at $3.25 per unit.
Each five-year warrant is exercisable at $3.25. The strike price is a 19.15% discount to the Aug. 26 closing share price of $4.02.
George Karfunkel invested $3.25 million.
Proceeds will be used for operations, working capital and general corporate purposes.
The biotechnology company is based in Alameda, Calif.
| Issuer: | OncoCyte Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10,549,997
|
| Units: | 3,246,153
|
| Price: | $3.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.25
|
| Agent: | Cowen and Co., LLC
|
| Investor: | George Karfunkel (for $3.25 million)
|
| Settlement date: | Aug. 29
|
| Stock symbol: | NYSE: OCX
|
| Stock price: | $4.02 at close Aug. 26
|
| Market capitalization: | $101.2 million
|
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