Investors also get five-year warrants for an equal number of shares
By Devika Patel
Knoxville, Tenn., Dec. 27 - AspenBio Pharma, Inc. said it arranged a $1.64 million registered direct offering of stock. Ladenburg Thalmann & Co. Inc. is the agent for the deal.
The company will sell 1,605,000 common shares $1.02 per share. The investors will also receive 1,605,000 warrants, which are each exercisable at $1.22 for five years. The strike price reflects a 3.39% premium to the Dec. 23 closing share price of $1.18.
Settlement is expected on Dec. 30.
Proceeds will be used for working capital and general corporate purposes.
AspenBio is a biopharmaceutical company based in Castle Rock, Colo.
| Issuer: | AspenBio Pharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $1,637,100
|
| Shares: | 1,605,000
|
| Price: | $1.02
|
| Warrants: | 1,605,000 warrants
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.22
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Pricing date: | Dec. 27
|
| Settlement date: | Dec. 30
|
| Stock symbol: | Nasdaq: APPY
|
| Stock price: | $1.18 at close Dec. 23
|
| Market capitalization: | $9.47 million
|
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