Company sells 3,174,603 shares at $0.315 with 50% warrant coverage
By Devika Patel
Knoxville, Tenn., July 29 – Immune Pharmaceuticals Inc. will conduct a $1 million registered direct offering of shares, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 3,174,603 common shares at $0.315 per share, a 19.23% discount to the July 28 closing share price of $0.39.
Investors also will receive 50% warrant coverage. The warrants are exercisable at $1.00, a 156.41% premium to the July 28 closing share price.
Proceeds will be used for general corporate purposes, including working capital.
The specialty pharmaceutical company is based in Tarrytown, N.Y.
| Issuer: | Immune Pharmaceuticals Inc.
|
| Issue: | Common shares
|
| Amount: | $1 million
|
| Shares: | 3,174,603
|
| Price: | $0.315
|
| Warrants: | 50% coverage
|
| Warrant strike price: | $1.00
|
| Pricing date: | July 29
|
| Stock symbol: | Nasdaq: IMNP
|
| Stock price: | $0.39 at close July 28
|
| Market capitalization: | $18.54 million
|
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