Company offers units of common shares and five-year warrants at $0.31
By Devika Patel
Knoxville, Tenn., May 17 - Marina Biotech, Inc. said it priced a $6.92 million public sale of units with a $655,765 greenshoe. Roth Capital Partners is the manager.
The company will sell 22,318,500 units at $0.31 apiece. The units consist of one common share and one warrant, with each warrant exercisable at $0.39 for five years. Further, the company is offering 22,318,500 additional warrants, each of which will purchase one unit. These warrants are exercisable at $0.31 for 35 days.
The strike prices are identical and are a 20.51% discount, respectively, to the May 16 closing share price of $0.39.
Settlement is expected on May 20.
Proceeds will be used for the clinical development of CEQ508 and for general corporate purposes, including working capital and operational purposes, which may encompass pre-clinical development.
Marina is a biotechnology company based in Bothell, Wash.
| Issuer: | Marina Biotech, Inc.
|
| Issue: | Units of one common share and one warrant, 22,318,500 additional warrants
|
| Amount: | $6,918,735
|
| Greenshoe: | $655,765
|
| Units: | 22,318,500
|
| Price: | $0.31
|
| Warrants: | One warrant per unit, 22,318,500 additional warrants
|
| Warrant expiration: | Five years, 35 days
|
| Warrant strike price: | $0.39, $0.31
|
| Manager: | Roth Capital Partners
|
| Pricing date: | May 17
|
| Settlement date: | May 20
|
| Stock symbol: | Nasdaq: MRNA
|
| Stock price: | $0.39 at close May 16
|
| Market capitalization: | $8.4 million
|
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