Company offers 1.5 million shares, each with a warrant, at $10.00 each
By Toni Weeks
San Luis Obispo, Calif., Aug. 28 – VistaGen Therapeutics, Inc. plans to raise $15 million in a public offering of stock and units via agent Geller Biopharm, according to a 424B4 filing with the Securities and Exchange Commission.
The company is selling 1.5 million shares at $10.00 each on a best-efforts basis. Each share is accompanied by one warrant that is exercisable at $12.00 to purchase one common share, which is a 20% discount to the company’s $15.00 closing share price on Aug. 26.
Settlement is expected Sept. 30.
Proceeds will be used for research and development, working capital needs, capital expenditures, debt payment and general corporate purposes.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cells.
| Issuer: | VistaGen Therapeutics, Inc.
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| Issue: | Common stock with warrants
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| Amount: | $15 million
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| Shares: | 1.5 million
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| Price: | $10.00
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| Warrants: | One warrant per share
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| Agent: | Geller Biopharm
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 30
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| Stock symbol: | OTCBB: VSTA
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| Stock price: | $15.00 at close Aug. 26
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