Each American Depositary Share represents 20 shares; warrants included
By Devika Patel
Knoxville, Tenn., Nov. 23 – Kitov Pharmaceuticals Holdings Ltd. said it priced a $13.05 million initial public offering of American Depositary Shares with a $1.96 million greenshoe on Nov. 20. The deal was announced Sept. 24.
The company will sell 3,158,900 ADS at $4.13 per ADS.
Each ADS represents 20 ordinary shares.
Investors will also receive one warrant for every ADS, for a total of 3,158,900 warrants. Each warrant is exercisable at $4.13 for five years.
Rodman & Renshaw and Joseph Gunnar & Co., LLC are the bookrunners.
Settlement is expected Nov. 25.
Proceeds will be used for clinical development, for business development, to repay debt and for general corporate purposes, including working capital requirements.
The pharmaceutical company is based in Tel Aviv.
| Issuer: | Kitov Pharmaceuticals Holdings Ltd.
|
| Issue: | American Depositary Shares
|
| Amount: | $13,046,257
|
| Greenshoe: | $1,956,939, or 473,835 ADS and warrants for 473,835 ADSs
|
| ADS: | 3,158,900
|
| Price: | $4.13
|
| Warrants: | One warrant for every ADS, 3,158,900 warrants
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.13
|
| Bookrunners: | Rodman & Renshaw and Joseph Gunnar & Co., LLC
|
| Announcement date: | Sept. 24
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: KTOV
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
