By Abigail W. Adams
Portland, Me., June 15 – Achieve Life Sciences priced $9.16 million, or 9,158 class B units after the market close on Friday at par with each unit consisting of 1 share of series A convertible preferred stock and warrants.
The class B units priced alongside $2.84 million, or 710,500 class A units consisting of one share of common stock and a warrant to purchase 1 share of common stock at a public offering price of $4 per unit.
Ladenburg Thalmann is bookrunner for the registered offering, which carries a greenshoe of up to 450,000 shares of common stock and warrants to purchase up to 450,000 shares of common stock.
The class B units were offered to purchasers whose participation in the class A units offering would result in the beneficial ownership of more than 4.99% of outstanding common stock.
The series A preferred stock is convertible into 250 shares of common stock. The warrants in each class B unit are exercisable for 250 shares of common stock at a strike price of $4.
The warrants expire five years from the issue date.
Net proceeds from the offerings are expected to be $10.6 million. Proceeds will be used to fund the development of cytisine, the company’s smoking cessation product candidate, and for general corporate purposes.
Achieve Life Sciences is a Seattle, Wa.-based specialty pharmaceutical company focusing on smoking cessation products.
| Issuer: | Achieve Life Sciences
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| Bookrunners: | Ladenburg Thalmann
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| Greenshoe: | 450,000 shares of common stock and warrants to purchase up to 450,000 shares of common stock
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| Maturity: | 2023
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| Stock symbol: | Nasdaq: ACHV
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| Stock price: | $3.65 at the market close June 15
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| Market capitalization: | $471,138
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| Class B Units
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| Securities: | Class B units consisting of 1 share of series A convertible preferred stock and warrants for 250 common shares
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| Amount: | $9.16 million, or 9,158 units
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| Coupon: | 0%
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| Price: | Par
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| Conversion price: | $4.00
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| Conversion rate: | 250
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| Pricing date: | June 15
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| Class A Units
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| Securities: | Class A units consisting of 1 share of common stock and warrants to purchase 1 share of common stock
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| Amount: | $2.84 million, or 710,500 units
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| Price: | $4.00
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