Maxim sells units to fund working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 21 - Bio-Path Holdings, Inc. increased its registered direct offering of units to $15 million from $10 million on Jan. 20, according to an 8-K and prospectus supplement filed Tuesday with the Securities and Exchange Commission. The deal, which is being conducted with two health care funds that are managed by Sabby Management, was announced Jan. 16.
The company will now sell 5 million units of one common share and a half-share warrant at $3.00 per unit. The whole warrant will be exercisable at $4.74 until Jan. 21, 2019. The strike price is a 4.05% discount to the Jan. 15 closing share price of $4.94.
Maxim Group LLC is the agent.
Settlement is expected Jan. 21.
Proceeds will be used for working capital and general corporate purposes, including clinical trials.
Bio-Path is a Houston-based biotechnology company.
| Issuer: | Bio-Path Holdings, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $15 million
|
| Units: | 5 million
|
| Price: | $3.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 21, 2019
|
| Warrant strike price: | $4.74
|
| Agent: | Maxim Group LLC
|
| Pricing date: | Jan. 16
|
| Upsized: | Jan. 20
|
| Settlement date: | Jan. 21
|
| Stock symbol: | OTCBB: BPTH
|
| Stock price: | $4.94 at close Jan. 15
|
| Market capitalization: | $353.8 million
|
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