Cell Therapeutics issues common shares for remaining preferred shares

By Jennifer Chiou

New York, April 17 - Cell Therapeutics, Inc. announced agreements under which it issued shares of its newly issued common stock in exchange for the rest of its preferred stock.

On April 13, 14, 15 and 16, Cranshire Capital, LP converted all 15,000 shares of its series 1 preferred stock into 50 million common shares.

Also, the company said it entered into one agreement on April 7. Under that agreement, it issued 288,517 shares to Milfam I LP in exchange for 100 shares of its 3% series A convertible preferred stock and outstanding warrants to purchase 747 common shares.

In a separate transaction on April 8, Cell Therapeutics entered into an exchange agreement with CD Investment Partners, Ltd., under which it issued 3,452,493 common shares in exchange for 1,000 shares of outstanding 7% series D convertible preferred stock and warrants to purchase 19,138 shares.

The company added that the number of shares issued was derived by a formula based on the average of the volume-weighted average prices of the company's common stock for the three trading days following Cell Therapeutic's public announcement of a securities issue.

In addition, on April 1 and 2, holders of all 6,702 series F preferred stock converted their securities into an aggregate of 47,871,425 common shares.

As of the close of business on Friday, the company 433,181,335 common shares outstanding while no preferreds remained outstanding.

Cell Therapeutics is a Seattle-based biopharmaceutical company developing treatments for cancer.

© 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.