Company sells 3.5 million units of one share, one five-year warrant
By Devika Patel
Knoxville, Tenn., April 15 – HedgePath Pharmaceuticals, Inc. completed a $350,000 initial tranche of a $5.5 million private placement of units on April 11, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company is selling 55 million units of one common share and one warrant at $0.10 per unit on a best-efforts, no minimum basis. It sold 3.5 million units to two investors in the first tranche.
Each warrant is exercisable at $0.12 for five years. The strike price reflects a 29.41% discount to the April 8 closing share price of $0.17.
The biopharmaceutical company is based in Tampa, Fla.
| Issuer: | HedgePath Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $5.5 million
|
| Units: | 55 million
|
| Price: | $0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.12
|
| Settlement date: | April 11 (for $350,000)
|
| Stock symbol: | OTCBB: HPPI
|
| Stock price: | $0.17 at close April 8
|
| Market capitalization: | $41.71 million
|
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