Company offers 72 million common shares at $0.50 apiece to Bergamo
By Devika Patel
Knoxville, Tenn., April 10 - VistaGen Therapeutics, Inc. said it will raise $36 million in a private placement of stock with a subsidiary of Bergamo Acquisition Corp.
The company will sell 72 million common shares at $0.50 apiece. The per-share price represents a 33.33% discount to the April 9 closing share price of $0.75.
Settlement is expected April 30.
Proceeds will be used to accelerate and expand the company's stem cell technology-based drug rescue programs.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cell technology for drug rescue, toxicology and drug metabolism assays.
Issuer: | VistaGen Therapeutics, Inc.
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Issue: | Common stock
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Amount: | $36 million
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Shares: | 72 million
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Price: | $0.50
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Warrants: | No
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Investor: | Bergamo Acquisition Corp.
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Pricing date: | April 10
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Settlement date: | April 30
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Stock symbol: | OTCBB: VSTA
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Stock price: | $0.75 at close April 9
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Market capitalization: | $17.48 million
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