Shares, warrants issued at 12.88% discount to closing price on Tuesday
By Susanna Moon
Chicago, Feb. 11 – Delcath Systems, Inc. priced its $2.8 million pubic offering of common stock and warrants with Roth Capital Partners as the manager. The plans were announced on Feb. 10.
The company sold 2.46 million shares and warrants for up to 1,107,000 shares at $1.15 per share and related warrant, according to a company press release.
The price per share and warrant is a 12.88% discount to the company’s closing price on Feb. 10.
The warrants are exercisable beginning six months after issue at an exercise price of $1.38 per share and will expire on the fifth anniversary of the issue date.
The warrant strike price is a 4.54% premium to the company’s closing price on Feb. 10.
Proceeds will be used for general corporate purposes, including funding of clinical trials, commercialization of products, obtaining regulatory approvals, research, capital expenditures and working capital.
Lake Street Capital Markets provided financial consulting services for the offering.
Delcath Systems is a New York-based specialty pharmaceutical and medical device company with a principal focus on liver cancer.
| Issuer: | Delcath Systems, Inc.
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| Issue: | Common stock and warrants
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| Amount: | $2.8 million
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| Shares: | 2.46 million
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| Price: | $1.15
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| Warrants: | For 1,107,000 shares
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| Warrant expiration: | Five years after issue
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| Warrant strike price: | $1.38
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| Agent: | Roth Capital Partners
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| Pricing date: | Feb. 11
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| Stock symbol: | Nasdaq: DCTH
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| Stock price: | $1.32 at close Feb. 10
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| Market cap: | $10.19 million
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