Company sells 597,763 common shares at $6.70 per share through Maxim
By Devika Patel
Knoxville, Tenn., Sept. 5 - Cellular Biomedicine Group, Inc. raised $1 million in the second and final tranche of a $4.01 million private placement of stock on Aug. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $3.01 million at pricing on July 24, when the company reported that it planned to raise up to $8 million.
The company sold 597,763 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 and 149,255 shares in the second tranche.
Maxim Group, LLC was 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: | $4,005,012
|
| Shares: | 597,763
|
| Price: | $6.70
|
| Warrants: | No
|
| Agent: | Maxim Group, LLC
|
| Pricing date: | July 24
|
| Settlement dates: | July 24 (for $3,005,004), Aug. 29 (for $1,000,009)
|
| Stock symbol: | OTCBB: CBMG
|
| Stock price: | $6.60 at close July 23
|
| Market capitalization: | $31.49 million
|
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