Deal brings in proceeds of $9.2 million; stock sold at 7.41% discount
By Susanna Moon
Chicago, Feb. 12 – Harvard Apparatus Regenerative Technology, Inc. said it is priced its $6,088,748 offering of series B convertible preferred stock and $3.15 million public offering of common stock. Underwriters also have a 30-day over-allotment option for 270,000 more shares.
The company sold 1.8 million registered shares of its common stock at $1.75 each and 695,857 registered shares of the convertible preferreds at a price of $8.75 per share, according to a company press release.
The price per common share is a 7.41% discount to the company’s closing price on Wednesday.
As previously announced, the series B preferred is convertible into five shares of the company’s common stock and will vote with the common stock on all matters on an as converted basis.
The series B preferred has no preference to the common shares with respect to dividends, voting, liquidation or otherwise.
Proceeds will be used for research and development, including funding pre-clinical and clinical trials relating to the HART-Trachea, business development, sales and marketing, capital expenditures, working capital and other general corporate purposes.
National Securities Corp., a wholly owned subsidiary of National Holdings, Inc., is the bookrunner and Summer Street Research Partners is the co-manager.
Harvard Apparatus is a clinical stage biotechnology company based in Holliston, Mass., developing regenerated organs for transplant, initially focused on the trachea.
| Issuer: | Harvard Apparatus Regenerative Technology, Inc.
|
| Issue: | Series B convertible preferred stock, common stock
|
| Amount: | $9,238,748.75
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| Bookrunner: | National Securities Corp
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| Co-manager: | Summer Street Research Partners
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 18
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| Stock ticker: | Nasdaq: HART
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| Stock price: | $1.89 at close Feb. 11
|
|
|
| Preferreds
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| Amount: | $6,088,748.75
|
| Preferreds: | 695,857 shares
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| Price: | $8.75 per share
|
|
|
| Stock
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| Amount: | $3.15 million
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| Greenshoe: | For 270,000 shares
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| Preferreds: | 1.8 shares
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| Price: | $1.75 per share
|
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