By Devika Patel
Knoxville, Tenn., July 27 - Cell Therapeutics, Inc. said that Rodman & Renshaw, LLC was the agent for a $4.06 million private placement of series 6 preferred stock that was negotiated on July 25. The deal settled Tuesday.
As previously reported, the company agreed to sell 4,060 preferreds at $1,000 apiece.
The preferreds were convertible into 11.6 million common shares at an initial conversion price of $0.35 per share. The investor elected to convert all of the preferreds at settlement, and consequently only received common stock.
The investor also received warrants for 5.8 million common shares. The warrants are exercisable at $0.42 for four years, six months and one day.
Proceeds will be used for general corporate purposes.
Cell Therapeutics is a Seattle-based biopharmaceutical company developing treatments for cancer.
| Issuer: | Cell Therapeutics, Inc.
|
| Issue: | Series 6 preferred stock
|
| Amount: | $4.06 million
|
| Preferreds: | 4,060
|
| Price: | $1,000
|
| Conversion price: | $0.35
|
| Conversion ratio: | Into 11.6 million shares
|
| Warrants: | For 5.8 million shares
|
| Warrant expiration: | Four years, six months and one day
|
| Warrant strike price: | $0.42
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | July 25
|
| Settlement date: | July 27
|
| Stock symbol: | Nasdaq: CTIC
|
| Stock price: | $0.42 at close July 23
|
| Market capitalization: | $260.02 million
|
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