Company sells 1,194,030 shares at $6.70 per share through Maxim Group
By Devika Patel
Knoxville, Tenn., July 25 - Cellular Biomedicine Group, Inc. arranged an $8 million private placement of stock on July 24, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $3.01 million at pricing.
The company will sell 1,194,030 common shares at $6.70 apiece. The price per share is a 1.52% premium to the July 23 closing share price of $6.60. Cellular Biomedicine sold 448,508 shares in the first tranche.
Maxim Group, LLC is the agent.
Proceeds will be used for working capital and general corporate purposes.
The Palo Alto, Calif., company develops cell therapies for the treatment of certain degenerative diseases.
| Issuer: | Cellular Biomedicine Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $8 million
|
| Shares: | 1,194,030
|
| Price: | $6.70
|
| Warrants: | No
|
| Agent: | Maxim Group, LLC
|
| Pricing date: | July 24
|
| Settlement date: | July 24 (for $3,005,004)
|
| Stock symbol: | OTCBB: CBMG
|
| Stock price: | $6.60 at close July 23
|
| Market capitalization: | $39.97 million
|
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