By Abigail W. Adams
Portland, Me., Feb. 20 – Ovid Therapeutics Inc. priced $5 million, or 2,500 shares, of par of $2,000 series A convertible preferred stock prior to the market open on Wednesday, according to a company press release.
The convertible preferred stock priced concurrently with a $25 million, or 12.5 million share, public stock offering, which priced at $2.00 a share.
Cowen and Co. LLC and William Blair & Co. LLC were joint bookrunners for the registered offering. The public stock offering carries a greenshoe of $3.75 million or 1,875,000 shares.
The convertible preferred stock will pay dividends equal to dividends paid on the common stock.
The convertible preferred stock will not be listed for trade. The securities will be freely convertible provided conversion would not cause holders to own more than 9.99% of the total number of outstanding shares.
Combined gross proceeds from the offering is $30 million.
Proceeds from the convertible preferred stock and common stock offering will be used to advance the development of two of the company’s products and for general corporate purposes.
Ovid Therapeutics is a New York-based biopharmaceutical company.
Issuer: | Ovid Therapeutics Inc.
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Securities: | Series A convertible preferred stock
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Amount: | $5 million
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Maturity: | Perpetual
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Bookrunners: | Cowen and Co. LLC and William Blair & Co. LLC
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Dividend: | Equivalent to dividends paid on common stock
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Price: | $2,000
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Conversion rate: | 1,000
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Pricing date: | Feb. 20
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Settlement date: | Feb. 22
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Concurrent offering: | $25 million, or 12.5 million shares of common stock
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Stock symbol: | Nasdaq: OVID
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Stock price: | $2.57 at market close Feb. 19
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Market capitalization: | $44.16 million
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