Agent Maxim Group helps to sell 9.5 million units at $0.36 per unit
By Devika Patel
Knoxville, Tenn., May 27 – Arch Therapeutics Inc. said it will raise about $3.4 million in a private placement of units. Maxim Group LLC is the agent.
The company will sell about 9.5 million units of one common share and 0.75 warrants at $0.36 per unit.
Each whole warrant will be exercisable at $0.438 for five years. The strike price reflects a 0.46% discount to the May 26 closing share price of $0.44.
The life science company is based in Dublin, Ireland.
| Issuer: | Arch Therapeutics Inc.
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| Issue: | Units of one common share and 0.75 warrants
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| Amount: | $3.4 million (approximate)
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| Units: | 9.5 million (approximate)
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| Price: | $0.36
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| Warrants: | 0.75 warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.438
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| Agent: | Maxim Group LLC
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| Pricing date: | May 27
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| Stock symbol: | OTCBB: ARTH
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| Stock price: | $0.44 at close May 26
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| Market capitalization: | $47.32 million
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