By Devika Patel
Knoxville, Tenn., July 2 -Hythiam, Inc. increased a registered direct offering of stock to $4.08 million from $3.5 million, according to a prospectus supplement filed Friday with the Securities and Exchange Commission. The deal priced June 30.
The company will now sell 20.4 million common shares at $0.20 apiece. Investors also will receive warrants for 15.3 million shares, which are exercisable at $0.20 for five years.
Rodman & Renshaw, LLC is the agent.
Settlement is expected Aug. 15.
Proceeds will be used for working capital, capital expenditures and other general corporate purposes, as well as debt repayment.
Los Angeles-based Hythiam provides behavioral health management services to health plans, employers and unions.
| Issuer: | Hythiam, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.08 million
|
| Shares: | 20.4 million
|
| Price: | $0.20
|
| Warrants: | For 15.3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | June 30
|
| Upsized: | July 2
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Nasdaq: HYTM
|
| Stock price: | $0.25 at close June 29
|
| Market capitalization: | $11.4 million
|
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