Company sells common shares with five-year warrants at $0.50 per unit
By Devika Patel
Knoxville, Tenn., June 24 - Nile Therapeutics, Inc. arranged a $2.5 million private placement of units on June 20, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal settled June 23.
The company sold 5 million units of one common share and a half-share warrant at $0.50 per unit.
The whole warrants are each exercisable at $0.60 for five years. The strike price is a 9.09% discount to the June 17 closing share price of $0.66.
Riverbank Capital Securities, Inc. was the agent and Ladenburg Thalmann & Co. Inc. was a sub-placement agent.
San Mateo, Calif.-based Nile is a biopharmaceutical company.
| Issuer: | Nile Therapeutics, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $2.5 million
|
| Units: | 5 million
|
| Price: | $0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Agents: | Riverbank Capital Securities, Inc., Ladenburg Thalmann & Co. Inc.
|
| Pricing date: | June 20
|
| Settlement date: | June 23
|
| Stock symbol: | Pink Sheets: NLTX
|
| Stock price: | $0.65 at close June 20
|
| Market capitalization: | $24.64 million
|
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