Company sells units of one share and a half-share warrant at $0.88
By Devika Patel
Knoxville, Tenn., March 4 – Apricus Biosciences, Inc. said it raised $7.78 million in the second and final tranche of a $10 million registered direct offering of stock on Thursday. The deal priced on Jan. 12 and raised $2.23 million on Jan. 13.
The company sold 11,363,640 units of one common share and a half-share warrant at $0.88 per unit. It sold 2,528,411 units the first tranche and sold 8,835,229 units in the second tranche.
Each whole warrant is exercisable at $0.88 for seven years. The strike price reflects a 2.22% discount to the Jan. 11 closing share price of $0.90 and is also identical to the Jan. 12 closing price, the company noted in a press release at pricing.
Proceeds will be used for working capital and general corporate purposes, including clinical development.
Apricus is a pharmaceutical research and development company based in San Diego.
| Issuer: | Apricus Biosciences, Inc.
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| Issue: | Units
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| Amount: | $10 million
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| Shares: | 11,363,640
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| Price: | $0.88
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Seven years
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| Warrant strike price: | $0.88
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| Investors: | Sarissa Capital and Aspire Capital
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 13 (for $2,225,002), March 3 (for $7,775,002)
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| Stock symbol: | Nasdaq: APRI
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| Stock price: | $0.88 at close Jan. 12
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| Market capitalization: | $55.92 million
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