By Devika Patel
Knoxville, Tenn., Jan. 13 - Cell Therapeutics, Inc. said it arranged a $30 million registered offering of series 3 preferred stock.
Each preferred will be convertible into about 823 common shares at an initial conversion price of $1.21375 per share. The preferreds are convertible into a total of 24.69 million shares.
Investors also will receive warrants for 8.64 million common shares. The warrants are exercisable at $1.18 for one year and one day.
Rodman & Renshaw, LLC is the agent.
Settlement is expected on Jan. 19.
Proceeds will be used for working capital and general corporate purposes.
Cell Therapeutics is a Seattle-based biopharmaceutical company developing treatments for cancer.
| Issuer: | Cell Therapeutics, Inc.
|
| Issue: | Series 3 preferred stock
|
| Amount: | $30 million
|
| Conversion price: | $1.21375
|
| Conversion ratio: | 823 (approximate)
|
| Warrants: | For 8.64 million shares
|
| Warrant expiration: | One year and one day
|
| Warrant strike price: | $1.18
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Stock symbol: | Nasdaq: CTIC
|
| Stock price: | $1.34 at close Jan. 13
|
| Market capitalization: | $770 million
|
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