Deal sells units through Oppenheimer to fund research and development
By Devika Patel
Knoxville, Tenn., Nov. 20 - Northwest Biotherapeutics, Inc. priced a $23.5 million public offering of units with a $3.53 million greenshoe, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The offering was announced on Tuesday.
The company will sell 4,895,834 units of one common share and one half-share warrant at $4.80 per unit. Each whole warrant will be exercisable at $6.00 for five years. The strike price is a 9.91% discount to the Nov. 19 closing share price of $6.66.
Oppenheimer & Co. Inc. is the bookrunning manager.
Settlement is expected on Nov. 25.
Proceeds will be used for research and development activities, working capital and other general corporate purposes.
Northwest Biotherapeutics is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $23.5 million
|
| Greenshoe: | $3,524,995
|
| Units: | 4,895,834
|
| Price: | $4.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.00
|
| Bookrunner: | Oppenheimer & Co. Inc.
|
| Announcement date: | Nov. 19
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: NWBO
|
| Stock price: | $6.66 at close Nov. 19
|
| Market capitalization: | $191.38 million
|
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