Financing was conducted by joint bookrunners Cowen, Wedbush PacGrow
By Devika Patel
Knoxville, Tenn., May 31 - Delcath Systems, Inc. said it settled a $23 million public offering of units. The deal was announced May 24 and priced for $20 million with a 15% greenshoe on May 25.
The company sold 15,333,340 units of one common share and 0.3 warrants at $1.50 per unit. The whole warrants are exercisable at $1.65 for three years. The strike price is a 30.67% discount to the May 24 closing share price of $2.38.
Of the units, 2 million were part of the fully exercised greenshoe.
Cowen and Co. and Wedbush PacGrow Life Sciences were the joint bookrunners. Roth Capital Partners was the co-manager.
Proceeds will be used for general corporate purposes.
The pharmaceutical and medical device company is based in New York.
| Issuer: | Delcath Systems, Inc.
|
| Issue: | Units of one common share and 0.3 warrants
|
| Amount: | $23 million (including $3 million greenshoe exercise)
|
| Units: | 15,333,340
|
| Price: | $1.50
|
| Warrants: | 0.3 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.65
|
| Bookrunners: | RBC Capital Markets and Cowen and Co.
|
| Co-manager: | Roth Capital Partners
|
| Announcement date: | May 24
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Stock symbol: | Nasdaq: DCTH
|
| Stock price: | $2.38 at close May 24
|
| Market capitalization: | $74.64 million
|
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