Bookrunning manager Cowen helps sells series A and series B units
By Devika Patel
Knoxville, Tenn., Nov. 6 – Mast Therapeutics, Inc. said it priced a $21 million public offering of units with a $2.25 million greenshoe. The offering was announced Wednesday.
The company will sell 30,941,102 series A units of one common share and a half-share warrant at $0.48 per unit and 13,081,428series B units of one prefunded warrant and a half-share warrant at $0.47 per unit.
Each whole warrant will be exercisable at $0.75. The strike price is a 56.25% premium to the Nov. 5 closing share price of $0.48.
Cowen and Co., LLC is the bookrunning manager.
Settlement is expected Nov. 12.
Proceeds will be used for the company’s clinical development programs and for working capital and general corporate purposes.
The biopharmaceutical company is based in San Diego.
| Issuer: | Mast Therapeutics, Inc.
|
| Issue: | Series A units of one common share and a half-share warrant, series B units of one prefunded warrant and a half-share warrant
|
| Amount: | $21 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $0.75
|
| Bookrunner: | Cowen and Co., LLC
|
| Lead manager: | Canaccord Genuity Inc.
|
| Co-managers: | Laidlaw & Co. and Highline Research Advisers
|
| Announcement date: | Nov. 5
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Stock symbol: | NYSE: MSTX
|
| Stock price: | $0.48 at close Nov. 5
|
| Market capitalization: | $53.58 million
|
|
|
| Series A units
|
| Amount: | $6,148,271
|
| Units: | 30,941,102
|
| Price: | $0.48
|
|
|
| Series B units
|
| Amount: | $14,851,729
|
| Units: | 13,081,428
|
| Price: | $0.47
|
|
|
|
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