Lazard Capital Markets, JMP Securities head underwriting syndicate
By Angela McDaniels
Tacoma, Wash., July 20 - NeoStem, Inc. plans to issue $16.5 million of units in a public offering. The offering priced July 19 and is expected to settle July 22.
Lazard Capital Markets LLC and JMP Securities LLC are the bookrunners. Morgan Joseph TriArtisan LLC, Maxim Group LLC and National Securities Corp. are co-managers.
Each unit consists of one share of common stock and a warrant to purchase three-quarters of a share. The five-year warrants have an exercise price of $1.45 per share, which is a 9.8% premium to the company's $1.32 closing share price on July 18.
The proceeds will be used for working capital, including research and development of cell therapeutic product candidates, expansion of business units and other general corporate purposes.
NeoStem develops cell-based therapies and is based in New York.
| Issuer: | NeoStem, Inc.
|
| Issue: | Units of stock and warrants
|
| Amount: | $16.5 million
|
| Units: | 13.75 million
|
| Price: | $1.20
|
| Warrants: | One warrant for three-quarters of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.45
|
| Bookrunners: | Lazard Capital Markets LLC and JMP Securities LLC
|
| Co-managers: | Morgan Joseph TriArtisan LLC, Maxim Group LLC and National Securities Corp.
|
| Pricing date: | July 19
|
| Settlement date: | July 22
|
| Stock symbol: | NYSE Amex: NBS
|
| Stock price: | $1.05 at close July 20
|
| Market capitalization: | $84.34 million
|
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