Preferreds convertible into 2,187,500 common shares at $0.80 per share
By Devika Patel
Knoxville, Tenn., March 18 – Lixte Biotechnology Holdings, Inc. said it completed a $1.75 million private placement of convertible preferred stock.
The 175,000 preferreds, sold at $10.00 apiece, are convertible into a total of 2,187,500 common shares at $0.80 per share. The conversion price is a 220% premium to the March 16 closing share price of $0.25.
Proceeds will be used for a Phase I trial clinical trial of LB-100.
Based in East Setauket, N.Y., Lixte is a cancer therapeutics and diagnostics company.
| Issuer: | Lixte Biotechnology Holdings, Inc.
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| Issue: | Series D convertible preferred stock
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| Amount: | $1.75 million
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| Preferreds: | 175,000
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| Price: | $10.00
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| Conversion rate: | Into 2,187,500 common shares
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| Conversion price: | $0.80
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| Conversion premium: | 220%
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| Warrants: | No
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| Settlement date: | March 18
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| Stock symbol: | Nasdaq: LIXT
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| Stock price: | $0.25 at close March 17
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| Market capitalization: | $11.37 million
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