Deal sells 28.8 million shares at $0.25 each with four-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 19 - Oncosec Medical Inc. arranged a $7.2 million private placement of stock on Dec. 13 via agent Dawson James Securities, Inc., according to an 8-K filed Wednesday with the Securities and Exchange Commission. The agreement was dated Dec. 12 and settled on Dec. 17.
The company sold 28.8 million common shares at $0.25 apiece. The price per share reflects a 16.67% discount to the Dec. 11 closing share price of $0.30.
Investors also received warrants for 14.4 million shares, which are each exercisable at $0.26 for four years. The strike price is a 33.33% discount to the Dec. 11 closing share price.
The biomedical company is based in San Diego.
| Issuer: | Oncosec Medical Inc.
|
| Issue: | Common stock
|
| Amount: | $7.2 million
|
| Shares: | 28.8 million
|
| Price: | $0.25
|
| Warrants: | For 14.4 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.26
|
| Agent: | Dawson James Securities, Inc.
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: ONCS
|
| Stock price: | $0.30 at close Dec. 11
|
| Market capitalization: | $20.33 million
|
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