Proceeds from sale to be used for new manufacturing capacity in Europe
By Devika Patel
Knoxville, Tenn., Aug. 14 – Northwest Biotherapeutics, Inc. said it has arranged a $17.5 million private placement of 5% unsecured convertible notes. Purchasers may buy an additional 30% of the notes.
The note is due in three years. It initially converts to common stock at $7.30 per share. The conversion price is a 9.94% premium to the Aug. 13 closing share price of $6.64.
Settlement is expected Aug. 19.
Proceeds will be used to fund new manufacturing capacity in Europe and for general corporate purposes.
Northwest Biotherapeutics is a biotechnology company based in Bethesda, Md.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Unsecured convertible notes
|
| Amount: | $17.5 million
|
| Maturity: | Three years
|
| Coupon: | 5%
|
| Conversion price: | $7.30
|
| Warrants: | No
|
| Agent: | MGI Securities Inc. (lead)
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Stock symbol: | Nasdaq: NWBO
|
| Stock price: | $6.64 at close Aug. 13
|
| Market capitalization: | $384.35 million
|
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