By Abigail W. Adams
Portland, Me., April 5 – Syros Pharmaceuticals, Inc. priced 666 shares of series A convertible preferred stock and class A warrants at a combined price of $7,500, according to a company news release.
Cowen and Piper Jaffray & Co. were joint bookrunners for the registered offering. JMP Securities is lead manager and Roth Capital Partners is co-manager.
The series A preferred stock is convertible into 666,000 shares of common stock. The class A warrants are for the purchase of up to 166,500 shares of common stock at a strike price of $8.625.
The class A warrants expire in 3.5 years.
In addition, Syros Pharmaceuticals priced a concurrent public offering of 8,667,333 shares of common stock and warrants to purchase up to 1,951,844 shares of common stock at a combined price of $7.50.
Net proceeds from the Series A convertible preferred stock offering is expected to be $4.7 million and from the concurrent public stock offering $60.7 million.
If the warrants are exercised in cash, the company would receive an additional $18.3 million in proceeds, according to an FWP filing with the Securities and Exchange Commission.
Syros Pharmaceuticals is a Cambridge, Mass-based biopharmaceutical company focused on the developing of medicines to control the expression of genes.
| Issuer: | Syros Pharmaceuticals Inc.
|
| Securities: | Series A convertible preferred stock
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| Amount: | 666 shares and class A warrants
|
| Maturity: | 3.5 years
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| Bookrunners: | Cowen and Piper Jaffray & Co.
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| Coupon: | 0%
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| Price: | $7,500
|
| Conversion rate: | 1,000
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| Warrant strike price: | $8.625
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| Pricing date: | April 5
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| Settlement date: | April 9
|
| Distribution: | Registered
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| Stock symbol: | Nasdaq: SYRS
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| Concurrent offering: | 8,667,333 shares of common stock and class A warrants
|
| Stock reference price: | $7.50
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| Market capitalization: | $245.75 million
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