Company offers stock at $9.50 per share via bookrunner Stifel Nicolaus
By Devika Patel
Knoxville, Tenn., Feb. 9 - Rockwell Medical Technologies, Inc. said it has firm commitments for a $17.53 million registered direct offering of stock.
The company will sell 1,845,000 common shares. The purchase price, $9.50 per share, reflects a 15.56% discount to the $11.25 closing share price on Feb. 8.
Settlement is expected Feb. 15.
Stifel Nicolaus Weisel is the sole bookrunning manager; Canaccord Genuity is the co-lead manager; and Rodman & Renshaw, LLC and Summer Street Research Partners are the co-managers.
Proceeds will be used for general corporate purposes, including research and development, intellectual property acquisitions and clinical trials.
Wixom, Mich.-based Rockwell Medical is a manufacturer and developer of renal drug therapies.
| Issuer: | Rockwell Medical Technologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $17,527,500
|
| Shares: | 1,845,000
|
| Price: | $9.50
|
| Warrants: | No
|
| Bookrunner: | Stifel Nicolaus Weisel
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 15
|
| Stock symbol: | Nasdaq: RMTI
|
| Stock price: | $11.25 at close Feb. 8
|
| Market capitalization: | $216.71 million
|
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