Investor Aspire Capital commits to buy company shares over three years
By Devika Patel
Knoxville, Tenn., Oct. 28 - Cellceutix Corp. negotiated a $20 million three-year common stock purchase agreement with Aspire Capital Fund, LLC on Oct. 25, according to an 8-K filed Monday 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 200,000 common shares at a known price based on the market price of the stock prior to each sale, and through a volume weighted average purchase price of up to 30% of the volume traded on the purchase date at a price equal to the lesser of the closing sale price or 95% of the volume weighted average price on the purchase date.
The biopharmaceutical company is based in Beverly, Mass.
| Issuer: | Cellceutix Corp.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $20 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Aspire Capital Fund, LLC
|
| Settlement date: | Oct. 25
|
| Stock symbol: | OTCBB: CTIX
|
| Stock price: | $1.80 at close Oct. 24
|
| Market capitalization: | $192.88 million
|
© 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.
