Offering with $900,000 greenshoe to finance working capital
By Devika Patel
Knoxville, Tenn., March 29 - NeoStem, Inc. said it priced a $6 million public offering of units. The deal has a $900,000 greenshoe.
The company will sell 15 million units of one common share and a warrant at $0.40 per unit. The warrants are each exercisable at $0.51 for five years. The strike price is identical to the March 28 closing share price.
Maxim Group LLC is the sole bookrunner.
Settlement is expected April 3.
Proceeds will be used for working capital.
The New York-based company collects, processes and stores adult stem cells for autologous use in the treatment of cardiac disease, autoimmune disorders and other conditions.
| Issuer: | NeoStem, Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $6 million
|
| Greenshoe: | $900,000
|
| Units: | 15 million
|
| Price: | $0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.51
|
| Bookrunner: | Maxim Group LLC
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Stock symbol: | Amex: NBS
|
| Stock price: | $0.51 at close March 28
|
| Market capitalization: | $45.5 million
|
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