Financing was conducted by joint bookrunners Burrill and Maxim Group
By Devika Patel
Knoxville, Tenn., Dec. 4 - Rexahn Pharmaceuticals, Inc. said the underwriters for a $6.31 million public sale of units have elected to exercise the deal's $946,957 greenshoe in part, lifting total proceeds to $6.6 million. The offering was announced Nov. 28 and priced Nov. 29.
The company sold 20 million units of one common share and 0.55 of a warrant at $0.33 per unit. Of the units, 869,565 were part of the partially exercised greenshoe.
Each whole warrant will be exercisable at $0.472 for five years. The strike price is a 0.43% premium to the Nov. 28 closing share price of $0.47.
Burrill LLC and Maxim Group LLC were the joint bookrunners.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and 0.55 of a warrant
|
| Amount: | $6.6 million (including $286,957 greenshoe)
|
| Units: | 20 million
|
| Price: | $0.33
|
| Warrants: | 0.55 of a warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.472
|
| Bookrunners: | Burrill LLC and Maxim Group LLC
|
| Announcement date: | Nov. 28
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $0.47 at close Nov. 28
|
| Market capitalization: | $30.99 million
|
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