Bookrunner Raymond James raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., May 23 – Asterias Biotherapeutics, Inc. said the underwriters for its public offering of units opted to exercise the deal’s $2.63 million greenshoe in full, lifting total proceeds of the offering to $20.13 million. The deal was announced May 9 and priced for $17.5 million with the greenshoe on May 10.
The company sold 5,919,118 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.
Of the units, 772,059 were part of the fully exercised greenshoe.
Raymond James & Associates, Inc. was the bookrunning manager.
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.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | $20,125,000, including $2,625,000 greenshoe of 772,059 units
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| Units: | 5,919,118
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| Price: | $3.40
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| Warrants: | One half-share warrant per unit plus greenshoe of 386,029 warrants
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.37
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| Bookrunner: | Raymond James & Associates, Inc.
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| Lead manager: | BTIG, LLC
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| Co-managers: | FBR Capital Markets & Co., Jones Trading Institutional Services LLC and Lake Street Capital Markets, LLC
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| Announcement date: | May 9
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| Pricing date: | May 10
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| Settlement date: | May 23
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| Stock symbol: | NYSE: AST
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| Stock price: | $4.37 at close May 9
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| Market capitalization: | $148.81 million
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