Griffin Securities assists in selling 8,666,665 shares at $1.50 apiece
By Devika Patel
Knoxville, Tenn., Aug. 2 - Oragenics, Inc. settled a $13 million private placement of stock on July 30, according to an 8-K filed Thursday with the Securities and Exchange Commission. Griffin Securities, Inc. was the agent for the deal, which was announced as a $12.86 million sale on July 31.
The company sold 8,666,665 common shares at $1.50 apiece. The price per share reflects a 40% discount to the July 27 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., 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 a Tampa, Fla.-based biopharmaceutical company.
| Issuer: | Oragenics, Inc.
|
| Issue: | Common stock
|
| Amount: | $13 million
|
| Shares: | 8,666,665
|
| Price: | $1.50
|
| Warrants: | No
|
| Agent: | Griffin Securities, Inc.
|
| Settlement date: | July 30
|
| Stock symbol: | OTCBB: ORNI
|
| Stock price: | $2.50 at close July 27
|
| Market capitalization: | $35.9 million
|
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