By Sheri Kasprzak
New York, Feb. 2 - Hollis-Eden Pharmaceuticals, Inc. has entered into definitive agreements with institutional investors for a $26 million direct placement of stock.
A group of new and existing investors agreed to buy 4 million shares at $6.50 each, a 10% discount to the company's closing stock price of $7.22 on Feb. 1.
The shares will be issued under the company's shelf registration.
The investors will receive warrants for 800,000 shares, exercisable at $8.75 each for four years.
Rodman & Renshaw, LLC is the bookrunner and Canaccord Adams, Inc. is a placement agent.
San Diego-based Hollis-Eden is a biopharmaceutical company focused on developing immune regulating hormones.
| Issuer: | Hollis-Eden Pharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $26 million
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| Shares: | 4 million
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| Price: | $6.50
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| Warrants: | For 800,000 shares
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| Warrant strike price: | $8.75
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| Warrant expiration: | For four years
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| Placement agents: | Rodman & Renshaw, LLC (lead) and Canaccord Adams, Inc.
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| Announcement date: | Feb. 2
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| Stock symbol: | Nasdaq: HEPH
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| Stock price: | $6.22 at close Feb. 2
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