Investors receive warrants for 800,001 shares, exercisable at $0.75
By Devika Patel
Knoxville, Tenn., March 22 - Marina Biotech, Inc. offered further details about a $1.2 million registered direct offering of stock in a prospectus supplement filed Thursday with the Securities and Exchange Commission. The deal priced Monday and settled Thursday.
The company sold 1,600,002 common shares at $0.75 apiece. The per-share purchase price is a 25.74% discount to $1.01, the closing price of the stock on March 16.
Investors also received warrants for 800,001 shares. Each warrant is exercisable at $0.75 for five years. The strike price is also a 25.74% discount to the March 16 closing share price.
Rodman & Renshaw, LLC was the agent.
Proceeds will be used for general corporate purposes.
Marina is a nucleic acid-based drug discovery and development company based in Bothell, Wash.
| Issuer: | Marina Biotech, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.2 million
|
| Shares: | 1,600,002
|
| Price: | $0.75
|
| Warrants: | For 800,001 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | March 19
|
| Settlement date: | March 22
|
| Stock symbol: | Pink Sheets: MRNA
|
| Stock price: | $1.01 at close March 16
|
| Market capitalization: | $5.89 million
|
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