Offering sells units of preferreds, common stock, five-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 31 - Lion Biotechnologies, Inc. said it will raise about $23 million in a private placement of units.
The company will sell units of one common share and one warrant at $2.00 per unit and units of one series A convertible preferred share and 100% warrant coverage at $1,000 per unit. The preferreds are convertible into common shares at $2.00 per share, which is a 63.5% discount to the Oct. 30 closing share price of $5.48.
The warrants are exercisable at $2.50 for five years. The strike price reflects a 54.38% discount to the Oct. 30 closing share price.
Settlement is expected Nov. 4.
The biotechnology company is based in Woodland Hills, Calif.
| Issuer: | Lion Biotechnologies, Inc.
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| Issue: | Units of one common share and one warrant, units of one series A convertible preferred share and 100% warrant coverage
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| Amount: | $23 million (approximate)
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.50
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 4
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| Stock symbol: | OTCBB: LBIO
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| Stock price: | $5.48 at close Oct. 30
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| Market capitalization: | $76.22 million
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|
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| Common stock units
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| Price: | $2.00
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| Warrants: | One warrant per unit
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|
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| Preferred units
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| Price: | $1,000.00
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| Conversion price: | $2.00
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| Warrants: | 100% coverage
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