Investors will also receive warrants for 1.5 million common shares
By Devika Patel
Knoxville, Tenn., Jan. 10 - Athersys Inc. said it arranged a $20.5 million registered direct offering of stock. Maxim Group LLC is the lead agent and First Analysis Securities Corp. is co-agent.
The company will sell 5 million common shares $4.10 per share, which is a 1.24% premium to the Jan. 9 closing share price of $4.05.
The investors will also receive warrants for 1.5 million shares, which are each exercisable at $4.50 until July 15, 2016. The strike price is an 11.11% premium to the Jan. 9 closing share price.
Settlement is expected on Jan. 15.
Proceeds will be used for working capital and general corporate purposes, including clinical trials.
Athersys is a biopharmaceutical company based in Cleveland.
| Issuer: | Athersys Inc.
|
| Issue: | Common stock
|
| Amount: | $20.5 million
|
| Shares: | 5 million
|
| Price: | $4.10
|
| Warrants: | For 1.5 million shares
|
| Warrant expiration: | July 15, 2016
|
| Warrant strike price: | $4.50
|
| Agent: | Maxim Group LLC (lead), First Analysis Securities Corp. (co-agent)
|
| Pricing date: | Jan. 10
|
| Settlement date: | Jan. 15
|
| Stock symbol: | Nasdaq: ATHX
|
| Stock price: | $4.05 at close Jan. 9
|
| Market capitalization: | $240.2 million
|
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