Funds will be used to advance M207 program towards FDA registration
By Devika Patel
Knoxville, Tenn., Aug. 16 – Zosano Pharma Corp. negotiated a $7.54 million private placement of units on Aug. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Guggenheim Securities, LLC is the lead agent, and Roth Capital Partners, LLC is the co-placement agent.
The company will sell 4.8 million units of one common share and two warrants at $1.57 per unit. Each series A warrant is exercisable at $1.45 for one year. Each series B warrant is exercisable at $1.55 for five years. The strike prices are 6.62% and 13.97% premiums, respectively, to the Aug. 12 closing share price of $1.36.
Settlement is expected Aug. 19.
Proceeds will be used to advance the company’s M207 program towards FDA registration and for general corporate purposes.
The pharmaceutical company is based in Fremont, Calif.
| Issuer: | Zosano Pharma Corp.
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| Issue: | Units of one common share and two warrants
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| Amount: | $7,536,000
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| Units: | 4.8 million
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| Price: | $1.57
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| Warrants: | One series A warrant and one series B warrant per unit
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| Warrant expiration: | One year (series A), five years (series B)
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| Warrant strike price: | $1.45 (series A), $1.55 (series B)
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| Agents: | Guggenheim Securities, LLC (lead) and Roth Capital Partners, LLC (co-placement agent)
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 19
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| Stock symbol: | Nasdaq: ZSAN
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| Stock price: | $1.36 at close Aug. 12
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| Market capitalization: | $15.63 million
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