Company sells units of common stock, five series of warrants
By Marisa Wong
Madison, Wis., March 9 – TapImmune Inc. priced a $1 million public offering of units on Monday, according to a 424B5 filing with the Securities and Exchange Commission.
The company is offering 5 million units at $0.20 apiece. Each unit consists of one common share, one five-year series A-1 warrant, one six-month series B-1 warrant, one five-year series C-1 warrant, one five-year series D-1 warrant and one five-year series E-1 warrant.
Each warrant entitles the holder to purchase one share of common stock. The series A-1, B-1, C-1, D-1 and E-1 warrants are exercisable at a per share price of $1.50, $0.40, $1.00, $0.75 and $1.25, respectively. The initial exercise prices are 581.8%, 81.8%, 354.5%, 240.9% and 468.2% premiums to the March 2 closing share price of $0.22.
The company may force the exercise of the series B-1 warrant in the event that the closing price of its stock is above $0.70 for 20 consecutive trading days. It may also force the exercise of the series C-1 warrant in the event that the closing price of its stock is above $1.50 for 20 consecutive trading days.
Each series D-1 warrant will be exercisable only if and to the extent that the series B-1 warrants are exercised and will expire five years after the series B-1 warrant is initially exercised. Each series E-1 warrant will be exercisable only if and to the extent that the series C-1 warrants are exercised and will expire five years after the series C-1 warrant is initially exercised.
H.C. Wainwright & Co. is the placement agent.
Proceeds will be used for general corporate purposes.
TapImmune is a Seattle-based immunotherapy company specializing in the development of innovative vaccine technologies for the treatment of cancer and infectious disease.
| Issuer: | TapImmune Inc.
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| Issue: | Units of common stock, warrants
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| Amount: | $1 million
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| Units: | 5 million
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| Price: | $0.20
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| Warrants: | One five-year series A-1 warrant, one six-month series B-1 warrant, one five-year series C-1 warrant, one five-year series D-1 warrant and one five-year series E-1 warrant per unit
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| Warrant expiration: | Five years for A-1, C-1, D-1 and E-1 warrants, six months for B-1 warrants
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| Warrant strike price: | $1.50 (A-1), $0.40 (B-1), $1.00 (C-1), $0.75 (D-1) and $1.25 (E-1)
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| Agent: | H.C. Wainwright & Co.
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| Pricing date: | March 9
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| Stock symbol: | OTCBB: TPIV
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| Stock price: | $0.22 at close March 2
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| Market capitalization: | $5.6 million
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