Deal also includes five-year warrants for about 2.94 million shares
By Devika Patel
Knoxville, Tenn., Feb. 29 – Northwest Biotherapeutics, Inc. said it will raise $10 million in a registered direct offering of stock. H.C. Wainwright & Co., LLC is the agent.
The company will sell about 5.88 million common shares at $1.70 apiece. The price per share represents a 19.05% discount to the Feb. 26 closing share price of $2.10.
The investors will also receive warrants for about 2.94 million shares, which are each exercisable at $2.25 for five years. The strike price is a 7.14% premium to the Feb. 26 closing share price.
The deal includes a 60-day greenshoe of 5.88 million additional shares, each sold at $3.00, for about $17.6 million. In connection with the greenshoe, the investors will receive five-year warrants for 2.94 million shares with an exercise price of $4.00, which is a 90.48% premium to the Feb. 26 closing share price.
Settlement is expected March 3.
Northwest is a development-stage biotechnology company based in Bethesda, Md.
| Issuer: | Northwest Biotherapeutics, Inc.
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| Issue: | Common shares
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| Amount: | $10 million
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| Greenshoe: | $17.6 million, approximate, or 5.88 million shares, sold at $3.00, and five-year warrants for 2.94 million shares
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| Shares: | 5.88 million (approximate)
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| Price: | $1.70
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| Warrants: | For about 2.94 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.25
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| Agent: | H.C. Wainwright & Co., LLC
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| Pricing date: | Feb. 29
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| Settlement date: | March 3
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| Stock symbol: | Nasdaq: NWBO
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| Stock price: | $2.10 at close Feb. 26
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| Market capitalization: | $171.59 million
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