Published on 7/6/2015 in the Prospect News PIPE Daily.
Arch Therapeutics completes $3.17 million private placement of units
Deal sells 14,390,754 units with five-year warrants at $0.22 per unit
By Devika Patel
Knoxville, Tenn., July 6 – Arch Therapeutics Inc. settled a $3.17 million private placement of units from June 22 through June 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 14,390,754 units of one common share and one warrant at $0.22 per unit.
Each warrant is exercisable at $0.25 for five years. The strike price reflects an 8.7% premium to the June 19 closing share price of $0.23.
Investors included Drake Partners Equity, LLC, David Cornett, Keyes Sulat Revocable Trust, Stephanie Plent, Ende Family Trust, Condorcet UK LP, Scott B and Lucinda S Flaherty, Anson Investments Master Fund LP, Lorraine A. Malanga, Jonathan J. Galli, Rocco F. and Jennifer DiFilippo, Popham Management, LLC, Karen and Ronald Bryan Woodard, Steve Lahiji, Condorcet, LP, Charles and Lisa J. Cunning, James M. McKeone, Armor Securities LLC, Michael A. Parker and Intracoastal Capital, LLC.
Proceeds will be used for ongoing business and operations.
The life science company is based in Dublin, Ireland.
| Issuer: | Arch Therapeutics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3,165,966
|
| Units: | 14,390,754
|
| Price: | $0.22
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Investors: | Drake Partners Equity, LLC, David Cornett, Keyes Sulat Revocable Trust, Stephanie Plent, Ende Family Trust, Condorcet UK LP, Scott B and Lucinda S Flaherty, Anson Investments Master Fund LP, Lorraine A. Malanga, Jonathan J. Galli, Rocco F. and Jennifer DiFilippo, Popham Management, LLC, Karen and Ronald Bryan Woodard, Steve Lahiji, Condorcet, LP, Charles and Lisa J. Cunning, James M. McKeone, Armor Securities LLC, Michael A. Parker and Intracoastal Capital, LLC
|
| Settlement date: | June 22 through June 30 (for $1.25 million)
|
| Stock symbol: | OTCBB: ARTH
|
| Stock price: | $0.23 at close June 19
|
| Market capitalization: | $19.52 million
|
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