By Devika Patel
Knoxville, Tenn., Sept. 18 - Spectrum Pharmaceuticals, Inc. said it plans a $50 million registered direct offering of units.
The company will sell 6,622,500 common shares, with warrants for 2,649,000 additional shares, at $7.55 per unit of one common share and about a half-share warrant. The whole warrants are each exercisable at $7.55 for 90 days.
Settlement is expected on Sept. 21.
Rodman & Renshaw, LLC is the agent.
Proceeds will be used for general corporate purposes.
Based in Irvine, Calif., Spectrum develops cancer drugs.
| Issuer: | Spectrum Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and about a half-share warrant
|
| Amount: | $50 million
|
| Units: | 6,622,500
|
| Price: | $7.55
|
| Warrants: | For 2,649,000 shares
|
| Warrant expiration: | 90 days
|
| Warrant strike price: | $7.55
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 21
|
| Stock symbol: | Nasdaq: SPPI
|
| Stock price: | $7.18 at close Sept. 18
|
| Market capitalization: | $301 million
|
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