Investors also receive five-year warrants for 2,166,501 common shares
By Devika Patel
Knoxville, Tenn., Feb. 12 - DARA BioSciences, Inc. arranged a $5.99 million private placement of stock on Feb. 11, according to an 8-K and prospectus supplement filed Wednesday with the Securities and Exchange Commission. As previously reported, the company also plans to price a public sale of stock.
The company will sell 2,166,501 common shares at $2.765 apiece, a 1.65% premium to the Feb. 10 closing share price of $2.72.
Investors also received warrants for 2,166,501 shares; the five-year warrants are each exercisable $2.64, a 2.94% discount to the Feb. 10 closing share price.
The New York company operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields, with emphasis in the areas of nanotechnology.
| Issuer: | DARA BioSciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $5,990,375
|
| Shares: | 2,166,501
|
| Price: | $2.765
|
| Warrants: | For 2,166,501 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.64
|
| Pricing date: | Feb. 11
|
| Stock symbol: | Nasdaq: DARA
|
| Stock price: | $2.72 at close Feb. 10
|
| Market capitalization: | $16.09 million
|
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