Rodman & Renshaw assists in selling shares and three types of warrants
By Devika Patel
Knoxville, Tenn., June 27 - Oncosec Medical Inc. completed a private placement of stock on June 21, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised $3 million via lead agent Rodman & Renshaw, LLC.
The company sold 4 million common shares at $0.75 apiece, a 40.95% discount to the June 21 closing share price of $1.27.
Investors also received warrants for 12 million shares. Of the warrants, the five-year series A warrants are exercisable for 4 million shares at $1.20; the series B warrants, also for 4 million shares, are exercisable at $0.75 and have a 19-month term; and the remaining five-year series C warrants are exercisable for 4 million shares at $1.20, but only after the series B warrants have been exercised. The strike prices reflect 5.51% and 40.95% discounts to the June 20 closing share price.
Oncosec, based in San Diego, is developing localized anti-cancer therapies against solid tumors to overcome the significant cosmetic, functional and other side effects associated with surgery and other non-targeted therapeutic approaches.
| Issuer: | Oncosec Medical Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 4 million
|
| Price: | $0.75
|
| Warrants: | For 12 million shares
|
| Warrant expiration dates: | Five years (series A, series C), 19 months (series B)
|
| Warrant strike prices: | $1.20 (series A, series C), $0.75 (series B)
|
| Agent: | Rodman & Renshaw, LLC (lead)
|
| Settlement date: | June 21
|
| Stock symbol: | OTCBB: ONCS
|
| Stock price: | $1.27 at close June 21
|
| Market capitalization: | $40.54 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.
