Deal to span three years, investor receives 250,000 commitment shares
By Devika Patel
Knoxville, Tenn., Dec. 18 – Athersys Inc. negotiated a $30 million three-year common stock purchase agreement with Aspire Capital Fund, LLC on Dec. 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The investor will buy up to 16,657,745 company shares in tranches of up to 200,000 common shares or $500,000. The shares will be sold at a price equal to the lower of the lowest sale price of the stock on the sale date or the arithmetic average of the three lowest closing sale prices of the stock during the 10 consecutive business days preceding the purchase date.
Aspire also received 250,000 shares as a commitment fee.
Proceeds will be used for general corporate purposes and working capital requirements.
Athersys is a biopharmaceutical company based in Cleveland.
| Issuer: | Athersys Inc.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $30 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Aspire Capital Fund, LLC
|
| Fees: | 250,000 shares
|
| Settlement date: | Dec. 17
|
| Stock symbol: | Nasdaq: ATHX
|
| Stock price: | $0.99 at close Dec. 16
|
| Market capitalization: | $85.78 million
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