By Sheri Kasprzak
New York, April 2 - Neurobiological Technologies, Inc. plans to close a $7 million registered direct placement of units.
A group of institutional investors has agreed to buy 3,043,478 units at $2.30 each.
The units consist of one share and one warrant. Each warrant is exercisable at $2.40 for five years.
The underlying shares are being offered through the company's shelf registration.
The deal is set to close April 4.
Rodman & Renshaw, LLC and Dawson James Securities are the placement agents.
Based in Emeryville, Calif., Neurobiological acquires and develops drugs to treat central nervous system disorders.
| Issuer: | Neurobiological Technologies, Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $7 million
|
| Units: | 3,043,478
|
| Price: | $2.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.40
|
| Placement agents: | Rodman & Renshaw, LLC; Dawson James Securities
|
| Announcement date: | April 2
|
| Settlement date: | April 4
|
| Stock symbol: | Nasdaq: NTII
|
| Stock price: | $2.18 at close March 30
|
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