Conversion would result in 2,187,500 shares at price of $0.80
By Susanna Moon
Chicago, Jan. 25 – Lixte Biotechnology Holdings, Inc. said a major shareholder has purchased $1.75 million of convertible preferred stock. If fully converted, the purchase would convert to 2,187,500 common shares at a price of $0.80 per share.
“This new investment allows Lixte to pursue opportunities that have emerged regarding our lead anticancer compound, LB-100,” John S. Kovach, Lixte’s chief executive officer, said in a company news release.
Lixte is a cancer therapeutics and diagnostics company based in East Setauket, N.Y.
Issuer: | Lixte Biotechnology Holdings, Inc.
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Issue: | Convertible preferred stock
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Amount: | $1.75 million
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Conversion rate: | For 2,187,500 common shares
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Conversion price: | $0.80
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Conversion premium: | 263.63%
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Warrants: | No
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Announcement date: | Jan. 25
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Stock symbol: | Nasdaq: LIXT
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Stock price: | $0.22 at close Jan. 24
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Market capitalization: | $10.53 million
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