Company sells 515,789 of common shares at $38.00 per share
By Devika Patel
Knoxville, Tenn., April 7 – Cellular Biomedicine Group, Inc. said it completed a $19.6 million private placement of stock.
The company sold 515,789 common shares at $38.00 apiece. The price per share is a 17.94% premium to the April 6 closing share price of $32.22.
Proceeds will be used for clinical trials, international acquisitions, product development and to expand the company’s research, development and production facilities in China.
The Palo Alto, Calif., company develops cell therapies for the treatment of certain degenerative diseases.
| Issuer: | Cellular Biomedicine Group, Inc.
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| Issue: | Common stock
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| Amount: | $19,599,982
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| Shares: | 515,789
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| Price: | $38.00
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| Warrants: | No
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| Settlement date: | April 7
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| Stock symbol: | OTCBB: CBMG
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| Stock price: | $32.22 at close April 6
|
| Market capitalization: | $319.62 million
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