Company offers units of two shares and one warrant at $1.30 per unit
By Devika Patel
Knoxville, Tenn., Oct. 1 - CytoDyn, Inc. settled a $1.63 million second tranche of a $10.01 million private placement of units on Sept. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company also reported that it raised $3.23 million in the placement on Sept. 25.
The company is selling 7.7 million units of two common shares and one warrant at $1.30 per unit. It sold 2,482,903 units in the first tranche and 1,256,153 units in the second tranche.
Each warrant is exercisable at $0.75 for five years. The strike price is a 19.36% discount to $0.93, the Sept. 24 closing share price.
Based in Santa Fe, N.M., CytoDyn develops DNA-based vaccines and other products.
| Issuer: | CytoDyn, Inc.
|
| Issue: | Units of two common shares and one warrant
|
| Amount: | $10.01 million
|
| Units: | 7.7 million
|
| Price: | $1.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Settlement date: | Sept. 25 (for $3,227,774), Sept. 30(for $1,633,000)
|
| Stock symbol: | OTCBB: CYDY
|
| Stock price: | $0.93 at close Sept. 24
|
| Market capitalization: | $27.72 million
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