Rodman & Renshaw sells units of a share and a warrant for 0.75 shares
By Devika Patel
Knoxville, Tenn., July 20 – Evoke Pharma, Inc. said it has arranged a $4.5 million registered direct offering of units. Rodman & Renshaw is the agent.
The company will sell 1,804,512 units of one common share and one warrant for 0.75 of a share at $2.49375 per unit, with each whole warrant exercisable at $2.41 for 66 months. The strike price is a 2.43% discount to the July 19 closing share price of $2.47.
Settlement is expected July 25.
Proceeds will be used to conduct analyses of the phase 3 trial data for the company’s product candidate, EVK-001, and assess its development opportunities, for working capital, general corporate purposes and debt repayment.
The specialty pharmaceutical company is based in San Diego.
| Issuer: | Evoke Pharma, Inc.
|
| Issue: | Units of one common share and one warrant for 0.75 shares
|
| Amount: | $4.5 million
|
| Units: | 1,804,512
|
| Price: | $2.49375
|
| Warrants: | One warrant for 0.75 of a share per unit
|
| Warrant expiration: | 66 months
|
| Warrant strike price: | $2.41
|
| Agent: | Rodman & Renshaw
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Stock symbol: | Nasdaq: EVOK
|
| Stock price: | $2.47 at close July 19
|
| Market capitalization: | $12.93 million
|
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