Offering sells units of one common share and one quarter-share warrant
By Devika Patel
Knoxville, Tenn., Jan. 15 - Rexahn Pharmaceuticals, Inc. said it plans a registered direct offering of units to raise $20 million. Roth Capital Partners is the lead agent, and H.C. Wainwright & Co., LLC is the co-placement agent.
The company will sell about 19.05 million units of one common share and one quarter-share warrant at $1.05 per unit, with each whole warrant exercisable at $1.28 for five years.
The strike price is a 10.35% premium to the Jan. 14 closing share price of $1.16.
Settlement is expected Jan. 21.
Proceeds will be used for development of clinical programs and other general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | $20 million
|
| Units: | 19.05 million (approximate)
|
| Price: | $1.05
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.28
|
| Agent: | Roth Capital Partners (lead), H.C. Wainwright & Co., LLC (co-placement agent)
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 21
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $1.16 at close Jan. 14
|
| Market capitalization: | $151.12 million
|
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