By Rebecca Melvin
New York, Oct. 4 – Ovid Therapeutics Inc. has priced $10 million more of its series A convertible preferred stock, or 4,000 shares at $2,500 per share, according to a company news release on Friday.
The company priced $5 million of the series A preferreds in February.
Concurrently with the preferred share offering, Ovid priced $22.5 million of common stock, or 9 million common shares at $2.50 per share. The common stock offering has a 15% greenshoe.
Cowen and Co. LLC and William Blair & Co. LLC were joint bookrunning managers of the registered offerings.
The convertible preferred shares are convertible into 1,000 shares of common stock, provided that conversion is prohibited if holders would own more than 9.99% or 14,99% of the total number of shares of common stock then issued and outstanding. Holders may elect to increase or decrease the percentage limitation to any other number less than 19.99%.
The proceeds of both offerings are earmarked to advance Ovid’s clinical development programs for several rare neurological disorders. The remaining prices will be for working capital and general corporate purposes.
Ovid Therapeutics is a New York-based biopharmaceutical company.
| Issuer: | Ovid Therapeutics Inc.
|
| Securities: | Series A convertible preferred stock
|
| Amount: | $10 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Cowen and Co. LLC and William Blair & Co. LLC
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| Co-managers: | JMP Securities LLC and Ladenburg Thalmann
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| Price: | $2,500
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| Conversion rate: | 1,000
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| Pricing date: | Oct. 3
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| Settlement date: | Oct. 8
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| Concurrent offering: | $22.5 million of common stock, or 9 million shares at $2.50 each
|
| Stock symbol: | Nasdaq: OVID
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| Stock price: | $3.27 at market close Oct. 3
|
| Market capitalization: | $93.44 million
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