By Rebecca Melvin
New York, Oct. 19 – Immune Pharmaceuticals Inc. priced $18 million of units of preferred stock and warrants, according to a news release.
Maxim Group LLC was the bookrunner.
Each $1,000 par unit is made up of one share of series E convertible preferred stock and 982 warrants, each of which entitles the holder to purchase one share of Immune’s common stock.
The warrants are initially exercisable at a price of $1.10 per share and expire seven years from the date of issuance.
The series E preferred stock is convertible into shares of common stock by dividing the stated value of the stock ($1,080) by the conversion price. The conversion price is initially $1.10 per share of common stock for 40 trading days, and after 40 days, the conversion price is the lesser of the set price and 87.5% of the lowest volume weighted average price for Immune’s common stock during the five trading days prior to the date of notice of conversion.
Settlement is on Oct. 23. The securities were offered under a registration statement on Form S-1.
The specialty pharmaceutical company is based in Tarrytown, N.Y.
| Issuer: | Immune Pharmaceuticals Inc.
|
| Issue: | Units of preferred stock and warrants
|
| Amount: | $18 million
|
| Bookrunner: | Maxim Group LLC
|
| Units: | One share of series E convertible preferred stock and 982 warrants per unit
|
| Price: | Par of $1,000
|
| Warrants: | 982 warrants per unit
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.10 per share
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Nasdaq: IMNP
|
| Stock price: | $1.51 at close Oct. 18
|
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