Bookrunner Raymond James raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., May 10 – Asterias Biotherapeutics, Inc. said it priced a $17.5 million public sale of units with a $2.63 million greenshoe. The offering was announced Monday.
The company will sell 5,147,059 units of one common share and a half-share warrant at $3.40 per unit. Each whole warrant will be exercisable at $4.37 for five years. The strike price is identical to the May 9 closing share price.
Raymond James & Associates, Inc. is the bookrunning manager.
Settlement is expected May 13.
Proceeds will be used for general corporate purposes, including clinical trials, research and development, capital expenditures and working capital.
The Menlo Park, Calif., company is a subsidiary of BioTime, Inc., an Alameda, Calif., biotechnology company.
| Issuer: | Asterias Biotherapeutics, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $17.5 million
|
| Greenshoe: | $2,625,000, or 772,059 units
|
| Units: | 5,147,059
|
| Price: | $3.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.37
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Lead manager: | BTIG, LLC
|
| Co-managers: | FBR Capital Markets & Co., Jones Trading Institutional Services LLC and Lake Street Capital Markets, LLC
|
| Announcement date: | May 9
|
| Pricing date: | May 10
|
| Settlement date: | May 13
|
| Stock symbol: | NYSE: AST
|
| Stock price: | $4.37 at close May 9
|
| Market capitalization: | $123.88 million
|
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