Proceeds fund general corporate purposes, including clinical trials
By Devika Patel
Knoxville, Tenn., Nov. 26 – Immune Pharmaceuticals Inc. said the underwriters for its public sale of units opted to exercise the deal’s $1.29 million greenshoe in part for total proceeds of $9.78 million. The deal was announced Nov. 19 and priced for $8.63 million with the greenshoe on Nov. 20.
The company sold 3,909,697 units of one common share and a quarter-share warrant at $2.50 per unit. Each whole warrant will be exercisable at $3.75 for three years. The strike price is a 36.86% premium to the Nov. 19 closing share price of $2.74.
Of the units, 459,697 were part of the partially exercised greenshoe.
National Securities Corp. was the bookrunner.
Proceeds will be used for general corporate purposes, including research and development, clinical trials, acquisitions, capital expenditures and working capital.
The specialty pharmaceutical company is based in Tarrytown, N.Y.
Issuer: | Immune Pharmaceuticals Inc.
|
Issue: | Units of one common share and a quarter-share warrant
|
Amount: | $9,774,243 (including $1,149,243 greenshoe)
|
Units: | 3,909,697
|
Price: | $2.50
|
Warrants: | One quarter-share warrant per unit
|
Warrant expiration: | Three years
|
Warrant strike price: | $3.75
|
Bookrunner: | National Securities Corp.
|
Announcement date: | Nov. 19
|
Pricing date: | Nov. 20
|
Settlement date: | Nov. 26
|
Stock symbol: | Nasdaq: IMNP
|
Stock price: | $2.74 at close Nov. 19
|
Market capitalization: | $50.3 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.