Nastech Pharmaceutical (NSTK) Sells 4.58M Shares at $1.73
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Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) entered into definitive agreements with new and existing investors to raise gross proceeds of $7,932,500 though a registered direct offering. Under terms of the agreement, the Company will sell 4,585,260 shares of its common stock at $1.73 per share.
Investors also will receive warrants, with a 7-year term, to purchase 4,585,260 shares of common stock at an exercise price of $2.38 per share. The warrants will be exercisable beginning October 25, 2008.
In addition, the investors have the right to purchase up to 1,375,578 shares of common stock at a price of $2.17 per share during the 90-day period beginning October 25, 2008.
Shares of NSTK closed at $2.18 yesterday. [LJ]
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Investors who bought at $1.73 can't be happy!
jimmy t on Jul 13, 2008 09:49 AMAnd they have the right to purchase another 1.4 million by October 25th at $2.17. How dumb do these investors feel now? How dumb do the institutions who hold 26% these last 5 years feel now? Only in America can you be part of management,get paid and accomplish nothing in 24 years of existence on the stock exchange.