By Sheri Kasprzak
New York, April 7 - Acusphere, Inc. said it has entered into agreements with institutional investors to close a $40,216,437 private placement.
The company intends to sell 5,772,004 units at $6.9675 each.
The units consist of one share and one third-share warrant. Each whole warrant is exercisable at $7.97 each through April 12, 2011. The warrants become exercisable Oct. 12, 2006.
The price per unit is a slight discount to the company's $6.98 closing stock price on April 6, and the warrant strike price represents a 14.2% premium to the April 6 closing stock price.
The shares that comprise the units will be sold under Acusphere's shelf registration.
Cowen & Co., LLC is the placement agent for the deal, which is expected to settle on April 12.
Located in Watertown, Mass., Acusphere is a pharmaceutical company focused on developing treatments for cancer, asthma and cardiac disorders.
| Issuer: | Acusphere, Inc.
|
| Issue: | Units of one share and one third-share warrant
|
| Amount: | $40,216,437
|
| Units: | 5,772,004
|
| Price: | $6.9675
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | April 12, 2011
|
| Warrant strike price: | $7.97
|
| Placement agent: | Cowen & Co., LLC
|
| Announcement date: | April 7
|
| Settlement date: | April 12
|
| Stock symbol: | Nasdaq: ACUS
|
| Stock price: | $6.98 at close April 6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
