Brokered offering funds working capital and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 13 – BrainStorm Cell Therapeutics Inc. said it has arranged a $10.5 million private placement of units.
The company will sell 42 million units of one common share and one warrant at $0.25 per unit. The warrants are each exercisable at $0.348 for three years. The strike price is a 0.57% discount to the June 12 closing share price of $0.35.
Settlement is expected June 18.
Maxim Group LLC is the agent.
Proceeds will be used for working capital and general corporate purposes.
New York-based BrainStorm develops adult stem cell therapeutic products derived from bone marrow cells to treat neurodegenerative diseases.
| Issuer: | BrainStorm Cell Therapeutics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10.5 million
|
| Units: | 42 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.348
|
| Agent: | Maxim Group LLC
|
| Pricing date: | June 13
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: BCLI
|
| Stock price: | $0.35 at close June 12
|
| Market capitalization: | $56.16 million
|
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