Investors also receive warrant coverage; H.C. Wainwright is the agent
By Devika Patel
Knoxville, Tenn., June 4 - Oncosec Medical Inc. said it will raise $16 million in a registered direct offering of stock. H.C. Wainwright & Co., LLC is the agent.
The company will sell 22,535,212 common shares at $0.71 per share. The per-share purchase price is a 10.13% discount to $0.79, the closing price of the stock on June 3.
Investors will also receive warrants for 7,887,325 shares. Each warrant is exercisable at $0.90 for five years. The strike price is a 13.92% premium to the June 3 closing price.
Settlement is expected on June 6.
Proceeds will be used for general corporate purposes, including clinical trials and research and development.
The biomedical company is based in San Diego.
Issuer: | Oncosec Medical Inc.
|
Issue: | Common stock
|
Amount: | $16 million
|
Shares: | 22,535,212
|
Price: | $0.71
|
Warrants: | For 7,887,325 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $0.90
|
Agent: | H.C. Wainwright & Co., LLC
|
Pricing date: | June 4
|
Settlement date: | June 6
|
Stock symbol: | OTCBB: ONCS
|
Stock price: | $0.79 at close June 3
|
Market capitalization: | $150.45 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.