Offering includes warrants; proceeds help meet working capital needs
By Devika Patel
Knoxville, Tenn., March 29 - EpiCept Corp. said it plans a $4.6 million registered direct offering of stock that will be conducted through Rodman & Renshaw, LLC.
The company will sell about 7.1 million common shares at $0.65 apiece. The price per share is a 5.8% discount to the March 28 closing share price of $0.69.
The investors will also receive warrants for about 5.3 million shares, which are each exercisable at $0.72 for 5.5 years beginning six months after issue. The strike price represents a 4.35% premium to the March 28 closing share price.
Settlement is expected March 31.
Proceeds will be used to meet working capital needs and for general corporate purposes.
EpiCept, based in Tarrytown, N.Y., develops treatments for pain related to cancer as well as treatments for cancer.
| Issuer: | EpiCept Corp.
|
| Issue: | Common shares
|
| Amount: | $4.6 million
|
| Shares: | 7.1 million (approximate)
|
| Price: | $0.65
|
| Warrants: | For about 5.3 million shares
|
| Warrant expiration: | 5.5 years
|
| Warrant strike price: | $0.72
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 29
|
| Settlement date: | March 31
|
| Stock symbol: | Nasdaq: EPCT
|
| Stock price: | $0.69 at close March 28
|
| Market capitalization: | $42.81 million
|
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