Deal with Aspire Capital will span two years, company reports in 8-K
By Devika Patel
Knoxville, Tenn., Oct. 23 - Athersys, Inc. arranged a $25 million two-year common stock purchase agreement with Aspire Capital Fund, LLC on Oct. 22, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Each tranche will consist of the lesser of 200,000 shares or $500,000. The shares will be sold at a price equal to the lower of the lowest sale price for the stock on the sale date or the average of the three lowest closing sale prices for the stock during the 12 consecutive business days preceding the purchase date.
The investor also received 333,333 shares as a commitment fee.
Athersys is a biopharmaceutical company based in Cleveland.
| Issuer: | Athersys, Inc.
|
| Issue: | Common stock purchase agreement
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| Amount: | $25 million
|
| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Fees: | 333,333 shares
|
| Settlement date: | Oct. 22
|
| Stock symbol: | Nasdaq: ATHX
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| Stock price: | $1.75 at close Oct. 21
|
| Market capitalization: | $98.08 million
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