Rodman & Renshaw offers units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., July 29 – Evoke Pharma, Inc. said it will raise about $10 million in a registered direct offering of units. Rodman & Renshaw is the agent.
The company will sell units of one common share and one half-share warrant at $3.0825 per unit, with each whole warrant exercisable at $3.03 for 66 months. The strike price is identical to the July 28 closing share price.
Settlement is expected Aug. 3.
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 and for working capital, general corporate purposes and debt repayment.
The specialty pharmaceutical company is based in San Diego.
| Issuer: | Evoke Pharma, Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | $10 million (approximate)
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| Price: | $3.0825
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 66 months
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| Warrant strike price: | $3.03
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| Agent: | Rodman & Renshaw
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| Pricing date: | July 29
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| Settlement date: | Aug. 3
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| Stock symbol: | Nasdaq: EVOK
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| Stock price: | $3.03 at close July 28
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| Market capitalization: | $35.01 million
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