Deal is slated to fund general corporate purposes, clinical programs
By Devika Patel
Knoxville, Tenn., Nov. 3 – Vascular Biogenics Ltd. said it priced a $15 million public sale of units.
The company will sell 2.5 million units of one ordinary share and one half-share warrant at $6.00 per unit. Each whole warrant will be exercisable at $7.50 until May 6, 2021. The strike price is a 17.56% premium to the Nov. 2 closing share price of $6.38.
Piper Jaffray & Co. is the bookrunner.
Settlement is expected Nov. 6.
Proceeds will be used for clinical programs, working capital and other general corporate purposes.
The biopharmaceutical company is based in Or Yehuda, Israel.
Issuer: | Vascular Biogenics Ltd.
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Issue: | Units of one ordinary share and one half-share warrant
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Amount: | $15 million
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Units: | 2.5 million
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Price: | $6.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | May 6, 2021
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Warrant strike price: | $7.50
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Bookrunner: | Piper Jaffray & Co.
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Lead manager: | JMP Securities
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Co-managers: | Roth Capital Partners and LifeSci Capital LLC
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Pricing date: | Nov. 3
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Settlement date: | Nov. 6
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Stock symbol: | Nasdaq: VBLT
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Stock price: | $6.38 at close Nov. 2
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Market capitalization: | $119.07 million
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