Rodman & Renshaw sells units of a share and a warrant for 0.75 of a share
By Devika Patel
Knoxville, Tenn., Nov. 6 – Rexahn Pharmaceuticals, Inc. said it plans to raise about $7 million from a registered direct offering of units. Rodman & Renshaw is the agent for the deal.
The company will sell about 16.7 million units of one common share and one warrant for 0.75 of a share at $0.42 per unit, with each whole warrant exercisable at $0.53 for five years.
The strike price is a 6% premium to the Nov. 5 closing share price of $0.50.
Settlement is expected Nov. 11.
Proceeds will be used for development of Rexahn’s lead clinical programs, working capital and general corporate purposes.
Rexahn is a biopharmaceutical company based in Rockville, Md.
| Issuer: | Rexahn Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and one warrant for 0.75 of a share
|
| Amount: | $7 million (approximate)
|
| Units: | 16.7 million (approximate)
|
| Price: | $0.42
|
| Warrants: | One warrant for 0.75 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.53
|
| Agent: | Rodman & Renshaw
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 11
|
| Stock symbol: | NYSE: RNN
|
| Stock price: | $0.50 at close Nov. 5
|
| Market capitalization: | $82.29 million
|
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