Company sells 6,336,664 common shares at $6.00 per share in deal
By Devika Patel
Knoxville, Tenn., July 31 - Lipocine Inc. settled a $38.02 million private placement of stock on July 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Ladenburg Thalmann & Co. was the agent.
The company sold 6,336,664 common shares at $6.00 per share, a 650% premium to the closing share price of $0.80 on July 30.
Proceeds will be used for clinical trials, including a phase 3 trial for LPCN 1021, working capital and general corporate purposes.
The Salt Lake City company imports energy snack bars.
| Issuer: | Lipocine Inc.
|
| Issue: | Common stock
|
| Amount: | $38,019,984
|
| Shares: | 6,336,664
|
| Price: | $6.00
|
| Warrants: | No
|
| Agent: | Ladenburg Thalmann & Co.
|
| Announcement date: | July 31
|
| Settlement date: | July 26
|
| Stock symbol: | OTCBB: MBARD
|
| Stock price: | $0.86 at close July 30
|
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