Brokered financing will include series CC and series DD warrants
By Devika Patel
Knoxville, Tenn., Nov. 9 - Neoprobe Corp. gave further details about a registered direct offering of stock in a prospectus supplement filed Tuesday with the Securities and Exchange Commission. Rodman & Renshaw, LLC is the agent for the deal, which priced Monday.
The company will sell 3,157,896 common shares at $1.90 apiece for $6 million. The price per share represents an 11.22% discount to the Nov. 5 closing share price of $2.14.
The investors will also receive two warrants, which are each exercisable at $2.11. The strike price is a 1.4% discount to the Nov. 5 closing share price.
The series CC warrants will be exercisable for 1,578,948 shares for one year. The series DD warrants, also exercisable for 1,578,948 shares, will be exercisable for two years.
Settlement is expected Nov. 11.
Proceeds will be used for general corporate purposes.
"We are pleased to be able to raise capital with strong support from institutional investors at market pricing," president and chief executive David Bupp said in a press release at pricing.
"The incremental capital will assist the company in moving forward as we finalize our development of Lymphoseek and our initial development activities for the RIGScan technology.
"The nature of the warrants provides a near-term source of additional development capital. The capital also provides us with the opportunity to pursue our stated objective of obtaining a listing on one of the major exchanges," Bupp stated.
Neoprobe is a Dublin, Ohio-based biomedical company focused on improving cancer surgery outcomes.
| Issuer: | Neoprobe Corp.
|
| Issue: | Common shares
|
| Amount: | $6 million
|
| Shares: | 3,157,896
|
| Price: | $1.90
|
| Warrants: | For 3,157,896 shares
|
| Warrant expiration: | One year (series CC), two years (series DD)
|
| Warrant strike price: | $2.11
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 11
|
| Stock symbol: | OTCBB: NEOP
|
| Stock price: | $2.14 at close Nov. 5
|
| Market capitalization: | $142.34 million
|
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