By Abigail W. Adams
Portland, Me., Dec. 18 – VistaGen Therapeutics Inc. priced $42.32 million, or 2 million shares, of series D convertible preferred stock on Thursday at a price of $21.16 per share, according to an FWP filing with the Securities and Exchange Commission.
Jefferies LLC and William Blair & Co., LLC were joint bookrunners for the registered offering.
The convertible preferreds are convertible into 23 shares provided conversion will not result in ownership of more than 9.99% of shares outstanding.
The convertible preferreds priced concurrently with a secondary offering of 63 million shares, which priced at $0.92 a share.
Proceeds from the concurrent offerings will be used for the development of potential drug candidates.
VistaGen is a San Francisco-based biopharmaceutical company.
| Issuer: | VistaGen Therapeutics
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| Securities: | Series D convertible preferred shares
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| Amount: | $42.32 million or 2 million shares
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| Bookrunners: | Jefferies LLC and William Blair & Co., LLC
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| Price: | $21.16
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| Conversion rate: | 23 shares
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 22
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| Distribution: | Registered
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| Stock symbol: | Nasdaq: VTGN
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| Stock price: | $0.92 in concurrent offering
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| Market capitalization: | $80.65 million
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