By Sheri Kasprzak
Atlanta, Dec. 20 - Orion Acquisitions Corp. II said Monday it has raised $12 million in a private placement as part of its merger with Medivation Inc.
The company sold 7,741,935 shares at $1.55 each.
About 798,213 shares, or $1,237,230 of the offering, were used to cancel outstanding promissory notes held by Medivation. The remaining 6,943,722 shares were sold for cash.
MDB Capital Group LLC was the placement agent for Orion in the offering, and Brock Capital Group LLC was the placement agent for Medivation with regard to certain investors who participated in the deal.
The company said Monday that Medivation's president and chief executive officer, David Hung, will serve as president and chief executive officer of Orion, replacing Christopher Marlett.
After the merger, Orion's name will be changed to Medivation.
Medivation is a New Zealand-based medical technology acquisition company with a focus on acquiring intellectual property.
Based in San Francisco, Orion is an acquisition company focused on combination, consolidation or mergers.
| Issuer: | Orion Acquisitions Corp. II
|
| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 7,741,935
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| Price: | $1.55
|
| Warrants: | No
|
| Placement agent: | MDB Capital Group LLC
|
| Settlement date: | Dec. 17
|
| Stock price: | $3.4567 at close Dec. 17
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