Biostar Pharma (BSPM) Enters 425k Share Securities Purchase Agreement
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Biostar Pharmaceuticals, Inc. (Nasdaq: BSPM) announced that it entered into a securities purchase agreement (the "Securities Purchase Agreement") with certain institutional investors for the sale of 425,000 shares of common stock in a registered direct offering at the price of $4.50 per share. In addition, warrants to purchase 212,500 shares of common stock in the aggregate will be issued to the investors. The warrants will be exercisable six months and one day from the date of the closing of the offering at an exercise price of $5.55 per share and expire 3 1/2 years from the date of issuance.
Gross proceeds of the offering, before deducting placement agent fees and other estimated offering expenses payable by the Company, are expected to be approximately $1.91 million. The net proceeds from this offering will be used for working capital and other general corporate purposes.
The completion of the offering is expected to occur on or before October 17, 2016, subject to customary closing conditions. FT Global Capital, Inc. served as the exclusive placement agent for the offering.
The securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement and base prospectus. The shelf registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 3, 2014. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission.
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