Offering sells units of one common share and one quarter-share warrant
By Devika Patel
Knoxville, Tenn., Jan. 21 - Rexahn Pharmaceuticals, Inc. settled a $20 million registered direct offering of units on Jan. 21, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Roth Capital Partners was the lead agent, and H.C. Wainwright & Co., LLC was the co-placement agent for the deal, which priced Jan. 15.
The company sold 19,047,620 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.
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: | 19,047,620
|
| Price: | $1.05
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.28
|
| Agents: | 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: | $159.92 million
|
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