30-month deal with Lincoln Park will include 10,125,000 common shares
By Devika Patel
Knoxville, Tenn., Feb. 19 - Nuvilex, Inc. negotiated a $27 million equity purchase agreement with Lincoln Park Capital Fund, LLC on Feb. 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It has already raised $2 million in the offering.
Lincoln Park has committed to purchase up to $25 million more of the company's common stock over 30 months. The deal will settle in tranches of up to 1 million shares sold at a price based on the prevailing market prices.
The investor received 5,062,500 shares and will receive another 5,062,500 shares once the entire amount has been drawn.
The biotechnology company is based in Silver Spring, Md.
| Issuer: | Nuvilex, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $27 million
|
| Tenor: | 30 months
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 10,125,000 shares
|
| Settlement date: | Feb. 14 (for $2 million)
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| Stock symbol: | OTCBB: NVLX
|
| Stock price: | $0.17 at close Feb. 13
|
| Market capitalization: | $117.2 million
|
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