Griffin Securities helps sell 8.58 million shares at $1.50 apiece
By Devika Patel
Knoxville, Tenn., July 31 - Oragenics, Inc. said it plans a $12.86 million private placement of stock. Griffin Securities, Inc. is the agent.
The company will sell 8,575,555 common shares at $1.50 apiece. The price per share reflects a 40% discount to the July 30 closing share price of $2.50.
Proceeds will be used for development of several of the company's key initiatives, including its recently announced Exclusive Channel Collaboration Agreement with Intrexon Corp., for sales and marketing of the company's probiotic product lines and general corporate purposes.
In connection with the private placement, the company's $2.5 million of secured notes will automatically convert into common shares at the same price-per-share as paid by the investors in the financing, which will eliminate all of the company's long-term debt.
Oragenics is an Alachu, Fla.-based biopharmaceutical company.
| Issuer: | Oragenics, Inc.
|
| Issue: | Common stock
|
| Amount: | $12,863,333
|
| Shares: | 8,575,555
|
| Price: | $1.50
|
| Warrants: | No
|
| Agent: | Griffin Securities, Inc.
|
| Pricing date: | July 31
|
| Stock symbol: | OTCBB: ORNI
|
| Stock price: | $2.50 at close July 30
|
| Market capitalization: | $32.25 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.
