Deal sells 1.2 million shares at $1.296 apiece with five-year warrants
By Devika Patel
Knoxville, Tenn., July 27 – Ceres, Inc. arranged a $1.56 million private placement of stock on July 2, according to an 8-K filed Monday with the Securities and Exchange Commission. Ladenburg Thalmann & Co. Inc. is the agent.
The company will sell 1.2 million common shares at $1.296 apiece, a 20% discount to the July 24 closing share price of $1.62.
Investors also will receive warrants for 1.2 million shares. The warrants are exercisable at $1.62 for five years. The strike price is identical to the July 24 closing price.
Settlement is expected July 30.
Proceeds will be used for general corporate purposes, including working capital.
Ceres is an agricultural biotechnology company based in Thousand Oaks, Calif.
| Issuer: | Ceres, Inc.
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| Issue: | Common shares
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| Amount: | $1,555,200
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| Shares: | 1.2 million
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| Price: | $1.296
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| Warrants: | For 1.2 million shares
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| Warrant expiration: | Five years
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| Warrant strike prices: | $1.62
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| Agent: | Ladenburg Thalmann & Co. Inc.
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Stock symbol: | Nasdaq: CERE
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| Stock price: | $1.62 at close July 24
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| Market capitalization: | $7.66 million
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