Lazard Capital Markets helps finance clinical development of ICT-107
By Devika Patel
Knoxville, Tenn., Oct. 18 - ImmunoCellular Therapeutics, Ltd. said it priced a $21 million public offering of stock. The deal was announced Wednesday and has a $3.15 million greenshoe.
The company will sell 10 million common shares at $2.10 per share.
Investors will also receive warrants for 4.5 million shares. The warrants are each exercisable at $2.65 for five years. The strike price is a 9.96% premium to the Oct. 17 closing share price of $2.41. The price per share is a 12.86% discount to that price.
The shares and warrants will be issued separately.
Lazard Capital Markets is the sole bookrunning manager.
Settlement is expected Oct. 23.
Proceeds will be used for clinical development of ICT-107 and general corporate purposes, including research and development activities.
ImmunoCellular is a Woodland Hills, Calif.-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers.
| Issuer: | ImmunoCellular Therapeutics, Ltd.
|
| Issue: | Common stock
|
| Amount: | $21 million
|
| Greenshoe: | $3.15 million
|
| Shares: | 10 million
|
| Price: | $2.10
|
| Warrants: | For 4.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.65
|
| Bookrunner: | Lazard Capital Markets
|
| Co-managers: | ROTH Capital Partners, LLC, Maxim Group LLC and Summer Street Research Partners
|
| Announcement date: | Oct. 17
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Stock symbol: | NYSE: IMUC
|
| Stock price: | $2.41 at close Oct. 17
|
| Market capitalization: | $84.49 million
|
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