Company sells 14.19 million units in second round of closings
By Marisa Wong
Morgantown, W.Va., May 3 – HedgePath Pharmaceuticals, Inc. raised a total of $1,419,000 in recent closings of its previously announced private placement of units, according to an 8-K filing with the Securities and Exchange Commission.
The latest series of closings was conducted from April 19 through May 2. The company closed the first tranche of its $5.5 million best-efforts private placement on April 11.
In the most recent tranches, the company sold a total of 14.19 million units at a price of $0.10 per unit.
Each unit consists of one share of common stock and a five-year warrant to purchase one share of common stock at an exercise price of $0.12 per share. The strike price reflects a 29.41% discount to the April 8 closing share price of $0.17.
No actual units were issued, and each investor will receive shares of stock and warrants only, the filing noted.
Since the beginning of the offering, the company has sold a total of 17.69 million units for total proceeds of $1,769,000.
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 dates: | April 11 (for $350,000); April 19-May 2 (for $1,419,000)
|
| Stock symbol: | OTCBB: HPPI
|
| Stock price: | $0.17 at close April 8
|
| Market capitalization: | $41.71 million
|
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