Offering with Aspire Capital Fund spans two years, company says in 8-K
By Devika Patel
Knoxville, Tenn., Aug. 2 - NuPathe Inc. arranged a $30 million share purchase agreement with Aspire Capital Fund, LLC on Aug. 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Aspire has already bought $500,000 of shares at $7.07 per share at settlement.
The company will sell the common shares to Aspire over two years. The company may elect to sell the shares in two ways.
It may sell up to 100,000 shares at a per-share price equal to the lesser of the lowest sale price of the stock on the purchase date or the arithmetic average of the three lowest closing sale prices for the stock during the 12 consecutive trading days ending on the trading day immediately preceding the purchase date.
Conversely, the shares may be sold in tranches consisting of a number of shares equal to up to 30% of the volume traded on the purchase date at a price equal to 95% of the volume-weighted average price on the purchase date.
NuPathe may deliver a put notice to the investor on any trading day on which the closing sale price of the stock is at least $4.00 per share. No single tranche may exceed $500,000.
Aspire received 84,866 shares as a commitment fee.
Proceeds will be used for general corporate purposes, including working capital.
NuPathe is a specialty pharmaceutical company based in Conshohocken, Pa.
| Issuer: | NuPathe Inc.
|
| Issue: | Share purchase agreement
|
| Amount: | $30 million
|
| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
|
| Fees: | 84,866 shares
|
| Settlement date: | Aug. 2 (for $500,000)
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| Stock symbol: | Nasdaq: PATH
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| Stock price: | $5.95 at close Aug. 2
|
| Market capitalization: | $86.67 million
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