H.C. Wainwright sells units of one share and a warrant for 0.35 of a share
By Devika Patel
Knoxville, Tenn., July 24 - Rexahn Pharmaceuticals, Inc. said it plans a registered direct offering of units to raise $5.7 million. H.C. Wainwright & Co., LLC is the agent.
The company will sell 11.4 million units of one common share and one warrant for 0.35 of a share at $0.50 per unit, with each whole warrant exercisable at $0.59 for five years.
The strike price is identical to the July 23 closing share price.
Settlement is expected July 26.
Proceeds will be used for general corporate purposes and working capital.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and one warrant for 0.35 of a share
|
| Amount: | $5.7 million
|
| Units: | 11.4 million
|
| Price: | $0.50
|
| Warrants: | One warrant for 0.35 of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.59
|
| Agent: | H.C. Wainwright & Co., LLC
|
| Pricing date: | July 24
|
| Settlement date: | July 26
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $0.59 at close July 23
|
| Market capitalization: | $63.3 million
|
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