Proceeds will be allocated to research, development, working capital
By Devika Patel
Knoxville, Tenn., March 23 - Galectin Therapeutics Inc. priced a $10.44 million public offering of units with a $1.57 million greenshoe in a prospectus supplement filed Friday with the Securities and Exchange Commission. The offering was announced on March 6.
The company will sell 1,159,445 units of two common shares and one warrant at $9.00 per unit, with each warrant exercisable at $5.63 until March 28, 2017. The strike price is a 5.22% discount to the March 22 closing share price of $5.94.
Aegis Capital Corp. is the underwriter.
Settlement is expected on March 28.
Proceeds will be used for research and development activities, working capital, general corporate purposes and possible acquisitions of other companies, products or technologies.
The company also said that it completed a 1-for-6 reverse stock split.
The drug development company is based in Newton, Mass.
| Issuer: | Galectin Therapeutics Inc.
|
| Issue: | Units of two common shares and one warrant
|
| Amount: | $10,435,005
|
| Greenshoe: | $1,565,244
|
| Units: | 1,159,445
|
| Price: | $9.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 28, 2017
|
| Warrant strike price: | $5.63
|
| Underwriters: | Aegis Capital Corp.
|
| Announcement date: | March 6
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Stock symbol: | NAsdaq: GALT
|
| Stock price: | $5.94 at close March 22
|
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