Deal to span three years, investor receives 336,625 commitment shares
By Devika Patel
Knoxville, Tenn., Dec. 10 - Cellceutix Corp. negotiated a $10 million three-year common stock purchase agreement with Aspire Capital Fund, LLC on Dec. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission. It has already raised $100,000.
The investor will buy company shares at a price based on market prices. The tranches will consist of up to 100,000 common shares at a known price based on the market price of the stock prior to each sale, and through a volume weighted average price purchase of up to 20% of the volume traded on the purchase date at a price equal to the lessor of the closing sale price or 95% of the volume weighted average price on the purchase date.
Aspire also received 336,625 shares as a commitment fee.
Proceeds will be used for general corporate purposes and working capital requirements.
The biopharmaceutical company is based in Beverly, Mass.
| Issuer: | Cellceutix Corp.
|
| Issue: | Common stock purchase agreement
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| Amount: | $10 million
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| Tenor: | Three years
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Fees: | 336,625 shares
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| Settlement date: | Dec. 6 (for $100,000)
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| Stock symbol: | OTCBB: CTIX
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| Stock price: | $1.19 at close Dec. 5
|
| Market capitalization: | $120.19 million
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