Chardan Capital Markets and WallachBeth Capital are the bookrunners
By Devika Patel
Knoxville, Tenn., May 11 – VistaGen Therapeutics, Inc. said on Tuesday that it priced its $10 million public sale of units with a $1.5 million greenshoe. The deal was announced on March 14.
The company will sell 2,352,942 units of one common share and one warrant at $4.25 per unit.
The warrants are each exercisable at $5.30 for five years. The strike price is a 24.29% discount to the May 9 closing share price of $7.00.
Chardan Capital Markets, LLC and WallachBeth Capital, LLC are the bookrunning managers.
Settlement is expected May 16.
Proceeds will be used for clinical development of AV-101, including funding the expected phase 2b study of AV-101 and also for research and nonclinical development related to the company’s stem cell technology platform, for capital expenditures and for general corporate purposes.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cells.
| Issuer: | VistaGen Therapeutics, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10 million
|
| Greenshoe: | $1.5 million, or 352,942 units
|
| Units: | 2,352,942
|
| Price: | $4.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.30
|
| Bookrunners: | Chardan Capital Markets, LLC and WallachBeth Capital, LLC
|
| Announcement date: | March 14
|
| Pricing date: | May 10
|
| Settlement date: | May 16
|
| Stock symbol: | OTCBB: VSTA
|
| Stock price: | $7.00 at close May 9
|
| Market capitalization: | $13.89 million
|
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