Offering will include common-share warrants, funds working capital
By Devika Patel
Knoxville, Tenn., Nov. 30 - Rosetta Genomics Ltd. said it plans a private placement of stock via agent Rodman & Renshaw, LLC. The offering will raise $2.5 million.
The company is selling 2.5 million ordinary shares at $1.00 per share. The price per share is a 19.36% discount to $1.24, the Nov. 29 closing share price.
Investors will also receive warrants for 1,875,000 shares. Each five-year series A warrant is exercisable for 1.25 million shares at $1.30; each series B warrant is exercisable for 625,000 shares at $0.01. The series B warrants will be automatically exercised on a cashless basis on the 33rd trading day after a resale registration statement takes effect, but only if 80% of the average of the volume weighted average price of the ordinary shares for the 10 days following the effective date of the resale registration statement is less than $1.00.
The strike prices are a 4.84% premium and a 99.19% discount to the Nov. 29 closing share price.
Settlement is expected Dec. 1.
Proceeds will be used for working capital.
The Rehovot, Israel, biopharmaceutical company develops microRNA-based therapeutic and diagnostic agents with a focus on cancer and infectious diseases.
| Issuer: | Rosetta Genomics Ltd.
|
| Issue: | Ordinary stock
|
| Amount: | $2.5 million
|
| Shares: | 2.5 million
|
| Price: | $1.00
|
| Warrants: | For 1,875,000 shares
|
| Warrant expiration: | Five years (for 1.25 million shares)
|
| Warrant strike price: | $1.30 (for 1.25 million shares), $0.01 (for 625,000 shares)
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 1
|
| Stock symbol: | Nasdaq: ROSG
|
| Stock price: | $1.24 at close Nov. 29
|
| Market capitalization: | $17.83 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
