Ovid announces exchange of common stock for convertible preferreds

By Sarah Lizee

Olympia, Wash., Sept. 19 – Ovid Therapeutics Inc. exchanged 1,262,000 shares of its common stock owned by entities affiliated with Biotechnology Value Fund, LP for 1,262 shares of series A convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company originally issued $5 million, or 2,500 shares, of the series A convertible preferred stock in February. Each share is convertible into 1,000 shares of common stock at any time at the holder’s option.

The convertible preferred stock priced concurrently with a $25 million, or 12.5 million share, public stock offering, which priced at $2.00 a share.

The securities are freely convertible provided conversion would not cause holders to own more than 9.99% of the total number of outstanding shares.

Ovid Therapeutics is a New York-based biopharmaceutical company.

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