Agent Rodman & Renshaw assists; deal finances research and development
By Devika Patel
Knoxville, Tenn., June 8 - Novelos Therapeutics, Inc. said it priced a $5.42 million public offering of units. The deal was announced April 9.
The company will sell 5,420,800 units of one common share and 1.5 warrants at $1.00 per unit.
The class A warrants are exercisable for a half share at $1.25 for five years. The class B warrants are exercisable for a full share at $1.00 for 90 days. The strike prices are 26.04% and 40.83% discounts to the June 7 closing share price of $1.69.
Rodman & Renshaw, LLC is the agent for the deal.
Settlement is expected June 13.
Proceeds will be used for research and development activities and for general corporate purposes.
Novelos is a Madison, Wis.-based biotechnology company.
| Issuer: | Novelos Therapeutics, Inc.
|
| Issue: | Units of one common share and 1.5 warrants
|
| Amount: | $5,420,800
|
| Units: | 5,420,800
|
| Price: | $1.00
|
| Warrants: | 1.5 warrants per unit
|
| Warrant expiration: | Five years, 90 days
|
| Warrant strike price: | $1.25, $1.00
|
| Agent: | Rodman & Renshaw, LLC
|
| Announcement date: | April 9
|
| Pricing date: | June 7
|
| Settlement date: | June 13
|
| Stock symbol: | OTCBB: NVLT
|
| Stock price: | $1.69 at close June 7
|
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