Investors will receive one right for each share, series L warrant held
By Devika Patel
Knoxville, Tenn., April 1 – Opexa Therapeutics, Inc. reduced the per-unit price for its rights offering of units on March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced on Jan. 28, the date the company priced the warrants included in the units and registered up to $64.75 million of common stock. It set March 13 as the record date on Feb. 26.
Opexa will distribute one subscription right for each common share or series L warrant held on March 13. Each right is exercisable for one unit of one common share and a warrant at $0.55 per unit, reduced on Tuesday from $0.70 per unit.
The three-year warrant will be exercisable at $0.50 until June 30, 2016 and at $1.50 from July 1, 2016 through the expiration date. The strike prices are a 35.9% discount and 92.31% premium to the Jan. 27 closing share price of $0.78.
Investors who exercise their subscription rights in full may subscribe for additional units that were not purchased by other investors on a pro rata basis.
The subscription rights will expire if they are not exercised by 5 p.m. ET on April 8.
Maxim Group LLC is the lead dealer-manager, and National Securities Corp. is the co-dealer-manager.
Proceeds will be used for the phase IIb “Abili T” clinical study of Tcelna in patients with secondary progressive multiple sclerosis, preclinical and manufacturing activities for OPX-212 in development for patients with neuromyelitis optica, and if such activities are successful, to file an investigational New Drug Application with the U.S. Food and Drug Administration to initiate a phase 1/2 proof-of-concept study. The proceeds will also be used for other general corporate purposes, including working capital, research and development, business development and operational purposes.
The Woodlands, Texas-based Opexa develops and commercializes cell therapies to treat autoimmune diseases, such as multiple sclerosis, rheumatoid arthritis and diabetes.
| Issuer: | Opexa Therapeutics, Inc.
|
| Issue: | Subscription rights, each exercisable for a unit of one common share and a warrant
|
| Amount: | Up to $64.75 million
|
| Price: | $0.55
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | $0.50 until June 30, 2016 and at $1.50 from July 1, 2016 onwards
|
| Dealer-managers: | Maxim Group LLC (lead) and National Securities Corp. (co-dealer-manager)
|
| Pricing date: | Jan. 28
|
| Record date: | March 13
|
| Revised: | March 31
|
| Expiration date: | April 8
|
| Stock symbol: | Nasdaq: OPXA
|
| Stock price: | $0.78 at close Jan. 27
|
| Market capitalization: | $24.86 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.
