By Wendy Van Sickle
Columbus, Ohio, Nov. 25 – Fortress Biotech, Inc. priced a $5.25 million add-on to its 9.375% $25-par series A perpetual preferred stock on Monday at $20 a share, according to a news release.
Benchmark Co. and ThinkEquity are the bookrunners. Dawson James Securities, Inc. is the co-manager.
There is a 45-day $787,500, or 39,375 share, greenshoe.
The notes were last reported traded under the symbol “FBIOP” on the Nasdaq Capital Market on Monday at $20.09 a share.
The securities will have the same terms as the 1,039,292 currently outstanding shares of the series A preferred stock.
The securities are redeemable on or after Dec. 15, 2022 at par plus accrued dividends.
Fortress Biotech originally issued the preferreds in a $25 million offering at par on Nov. 14, 2017 and registered to sell up to $26 million more of the shares on April 5, 2018 at the same terms.
Proceeds from the latest reopening will be used for operations, including general corporate purposes, research and development, clinical trials, manufacture and supply of product and working capital.
The biopharmaceutical company is based in New York.
| Issuer: | Fortress Biotech, Inc.
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| Issue: | Series A cumulative redeemable preferred shares
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| Amount: | $5.25 million (262,500 shares) add-on
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| Greenshoe: | $787,500, or 39,375 shares
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| Original issue: | $25 million issued on Nov. 14, 2017
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| Maturity: | Perpetual
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| Bookrunners: | Benchmark Co. and ThinkEquity
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| Co-manager: | Dawson James Securities, Inc.
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| Dividend: | 9.375%
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| Price: | $20/share
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| Call: | After Dec. 15, 2022 at par plus accrued dividends
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| Listing: | NYSE: “FBIOP”
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