Published on 6/2/2016 in the Prospect News PIPE Daily.
Arch Therapeutics concludes $3.39 million private placement of units
Agent Maxim Group helped sell 9,418,334 units at $0.36 per unit
By Devika Patel
Knoxville, Tenn., June 2 – Arch Therapeutics Inc. raised $3.39 million in a private placement of units from May 24 through May 26, according to an 8-K filed Thursday with the Securities and Exchange Commission. Maxim Group LLC was the agent.
The company sold 9,418,334 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 4.29% premium to the May 23 closing share price of $0.42.
The investors included Anson Investments Master Fund LP, Karen Carlin, P. Timothy Connolly, CVI Investments, Inc., Drake Partners Equity LLC, Empery Asset Master, Ltd., Empery Tax Efficient II, LP, Empery Tax Efficient, LP, Jonathan Galli, Vikas Gulati and Mirella Gulati, Hudson Bay Master Fund Ltd., Intracoastal Capital, LLC, Keyes Sulat Revocable Trust, Lorraine A. Malanga, James M. McKeone, IRA FBO Ana B Parker, Stephanie Plent, and Popham Management, LLC.
The life science company is based in Dublin, Ireland.
| Issuer: | Arch Therapeutics Inc.
|
| Issue: | Units of one common share and 0.75 warrants
|
| Amount: | $3,390,600
|
| Units: | 9,418,334
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| Price: | $0.36
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.438
|
| Agent: | Maxim Group LLC
|
| Investors: | Anson Investments Master Fund LP, Karen Carlin, P. Timothy Connolly, CVI Investments, Inc., Drake Partners Equity LLC, Empery Asset Master, Ltd, Empery Tax Efficient II, LP, Empery Tax Efficient, LP, Jonathan Galli, Vikas Gulati and Mirella Gulati, Hudson Bay Master Fund Ltd., Intracoastal Capital, LLC, Keyes Sulat Revocable Trust, Lorraine A. Malanga, James M. McKeone, IRA FBO Ana B Parker, Stephanie Plent, and Popham Management, LLC
|
| Pricing date: | May 24 through May 26
|
| Stock symbol: | OTCBB: ARTH
|
| Stock price: | $0.42 at close May 23
|
| Market capitalization: | $46.35 million
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