Greenshoe for $17 million could increase deal to $32 million
By Angela McDaniels
Tacoma, Wash., April 14 - Northwest Biotherapeutics, Inc. agreed to sell up to $32 million of common stock to an institutional investor in a registered direct placement.
Under the agreement, the investor will purchase $15 million of common stock at $6.60 per share and has a 12-month over-allotment option for up to $17 million of additional common stock at $7.50 per share.
The $6.60 price and the $7.50 price are an 8% discount and a 5% premium, respectively, to the company's closing share price on the day of pricing, according to an 8-K filing with the Securities and Exchange Commission.
H.C. Wainwright & Co., LLC acted as the placement agent.
"With this financing, we are particularly focused on accelerating the expansion of our manufacturing in Europe, especially following the recent favorable decisions in Germany and other continued expansion of our programs in Europe," chief executive officer Linda Powers said in a company news release.
Northwest Biotherapeutics is a Bethesda, Md.-based biotechnology company developing personalized immune therapies for solid tumor cancers.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million, or 2,272,727 shares
|
| Greenshoe: | $17 million, or 2,272,727 shares
|
| Price: | $6.60 for initial closing and $7.50 for greenshoe
|
| Warrants: | No
|
| Agent: | H.C. Wainwright & Co., LLC
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Stock symbol: | Nasdaq: NWBO
|
| Stock price: | $7.17 at close April 9
|
| Market capitalization: | $314.96 million
|
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