By Devika Patel
Knoxville, Tenn., Sept. 14 - Generex Biotechnology Corp. arranged a $12.25 million registered direct offering of stock, according to a prospectus supplement filed Monday with the Securities and Exchange Commission.
The company will sell 15,312,500 common shares at $0.80 apiece. Investors also will receive warrants for 5,053,125 shares, which are exercisable at $1.00 for five years.
Midtown Partners & Co., LLC is the agent.
Proceeds will be used for general corporate purposes.
Toronto-based Generex develops oral drug-delivery systems and technologies.
| Issuer: | Generex Biotechnology Corp.
|
| Issue: | Common stock
|
| Amount: | $12.25 million
|
| Shares: | 15,312,500
|
| Price: | $0.80
|
| Warrants: | For 5,053,125 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Agent: | Midtown Partners & Co., LLC
|
| Pricing date: | Sept. 14
|
| Stock symbol: | Nasdaq: GNBT
|
| Stock price: | $0.77 at close Sept. 11
|
| Market capitalization: | $140 million
|
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