ABVC launches best efforts offering of up to $20 million series A convertible preferred stock

By Abigail W. Adams

Portland, Me., June 28 – American BriVision (Holding) Corp. launched a “best efforts” public offering of a minimum of $10 million, or 1,428,571 shares, or maximum of $20 million, or 2,857,143 shares, of series A convertible preferred stock, according to a S-1 filing with the Securities and Exchange Commission.

Boustead Securities is underwriter for the registered offering, which carries a greenshoe of up to $3 million or 428,571 shares.

The series A convertible preferreds will be convertible into 1 share of common stock and will have a public offering price of $7.

Proceeds will be used for general corporate purposes, including investment in product research and development, sales and marketing activities, and capital expenditures or the acquisition or investment in complementary businesses and technologies.

American BriVision is a Fremont, Calif.-based clinical stage biopharmaceutical company.

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