By Devika Patel
Knoxville, Tenn., Sept. 30 - Rockwell Medical Technologies, Inc. will take in $22.01 million from a registered direct offering of shares, according to a prospectus supplement filed Wednesday with the Securities and Exchange Commission.
The company will sell 2.84 million common shares at $7.75 per share.
Investors also will receive warrants for 1,079,200 common shares. The warrants are exercisable at $9.55 for five years.
JMP Securities LLC and Wedbush Securities Inc. are the agents.
Settlement is expected on Oct. 5.
Proceeds will be used for general corporate purposes.
Wixom, Mich.-based Rockwell Medical is a manufacturer and developer of renal drug therapies.
| Issuer: | Rockwell Medical Technologies, Inc.
|
| Issue: | Common shares
|
| Amount: | $22.01 million
|
| Shares: | 2.84 million
|
| Price: | $7.75
|
| Warrants: | For 1,079,200 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $9.55
|
| Agents: | JMP Securities LLC and Wedbush Securities Inc.
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Stock symbol: | Nasdaq: RMTI
|
| Stock price: | $9.00 at close Sept. 29
|
| Market capitalization: | $110 million
|
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