Proceeds used for development of cell therapeutic product candidates
By Devika Patel
Knoxville, Tenn., May 27 – NeoStem, Inc. said it priced a $25 million public sale of stock with a $3.75 million greenshoe. The offering was announced Wednesday and priced a few hours later.
The company will sell 12.5 million common shares at $2.00 per share. The price per share is a 24.81% discount to the May 26 closing share price of $2.66.
Aegis Capital Corp. is the bookrunning manager.
Settlement is expected June 2.
Proceeds will be used for working capital, including research and development of cell therapeutic product candidates, including AMR-001, expansion of business units, strategic transactions and other general corporate purposes.
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.
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| Issue: | Common stock
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| Amount: | $25 million
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| Greenshoe: | $3.75 million, or 1,875,000 shares
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| Shares: | 12.5 million
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| Price: | $2.00
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| Warrants: | No
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| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | May 27
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Stock symbol: | Nasdaq: NBS
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| Stock price: | $2.66 at close May 26
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| Market capitalization: | $105.6 million
|
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