Deal sells shares with warrants to finance general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 3 - Arca Biopharma, Inc. arranged a $952,710 registered direct offering of stock on Aug. 2, according to an 8-K and prospectus supplement filed Friday with the Securities and Exchange Commission. Ladenburg Thalmann & Co. Inc. is the agent.
The company will sell 2,436,599 common shares at $0.391 per share, which is a 20.2% discount to the Aug. 1 closing share price of $0.49. Investors will also receive six-year warrants for 1,827,449 shares.
The warrants are each exercisable at $0.46, a 6.12% discount to the Aug. 1 closing share price.
Settlement is expected Aug. 8.
Proceeds will be used for general corporate purposes, including clinical trials, research and development expenses and general and administrative expenses.
Arca is a Broomfield, Colo., biopharmaceutical company.
| Issuer: | Arca Biopharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $952,710
|
| Shares: | 2,436,599
|
| Price: | $0.391
|
| Warrants: | For 1,827,449 shares
|
| Warrant expiration: | Six years
|
| Warrant strike price: | $0.46
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 8
|
| Stock symbol: | Nasdaq: ABIO
|
| Stock price: | $0.49 at close Aug. 1
|
| Market capitalization: | $4.65 million
|
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