Bookrunner Rodman & Renshaw and lead co-manager Joseph Gunnar assist
By Devika Patel
Knoxville, Tenn., June 29 – Kitov Pharmaceuticals Holdings Ltd. said it priced its $12 million public offering of American Depositary Shares. The deal was announced May 20.
The company will sell 2,378,823 class A units of one ADS and a warrant to purchase one ADS at $3.40 per unit and 1,150,589 class B units of a prefunded warrant to purchase one ADS and a warrant at $3.40 per unit. The price per unit is a 0.3% premium to the June 28 closing share price of $3.39. Each ADS represents 20 ordinary shares.
The prefunded warrants are exercisable for 10 years. The non-prefunded warrants are exercisable at $3.78 per ADS until Nov. 25, 2020. The strike price is an 11.5% premium to the June 28 closing price.
Rodman & Renshaw is the bookrunner.
Settlement is expected July 5.
Proceeds will be used for the acquisition of new therapeutic candidates and general working capital purposes.
The pharmaceutical company is based in Tel Aviv.
| Issuer: | Kitov Pharmaceuticals Holdings Ltd.
|
| Issue: | Class A units of one American Depositary Share and a warrant to purchase one ADS, class B units of a prefunded warrant to purchase one ADS and a warrant
|
| Amount: | $12 million
|
| Price: | $3.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Nov. 25, 2020
|
| Warrant strike price: | $3.78
|
| Bookrunner: | Rodman & Renshaw
|
| Lead co-manager: | Joseph Gunnar & Co., LLC
|
| Announcement date: | May 20
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Stock exchange: | Nasdaq: KTOV
|
| Stock price: | $3.39 at close June 28
|
| Market capitalization: | $11.9 million
|
|
|
| Class A units
|
| Amount: | $8,087,998
|
| Units: | 2,378,823
|
|
|
| Class B units
|
| Amount: | $3,912,003
|
| Units: | 1,150,589
|
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