Provectus Biopharma (PVCT) Files Rights Offering Shelf with U.S. SEC for Existing Shareholders
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Provectus Biopharmaceuticals, Inc. (NYSE: PVCT) announced that it filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") for a rights offering to its existing stockholders.
Under the proposed rights offering, Provectus would distribute non-transferable subscription rights to purchase units (consisting of shares of common stock and warrants to purchase common stock) to its stockholders on the record date for the rights offering, which has not yet been set. Holders who exercise their subscription rights in full will be entitled, if available, to subscribe for additional units that are not purchased by other stockholders. The Company has not yet announced the number of shares of common stock and number of warrants included in the units, the subscription price per unit, exercise price of the warrants, record date, or subscription period.
Provectus plans to use the proceeds from the rights offering for clinical development, including its ongoing phase 3 clinical trial of PV-10 to treat locally advanced cutaneous melanoma and its phase 1b/2 clinical trial of PV-10 in combination with pembrolizimab to treat metastatic melanoma, in addition to advancing development of PV-10 to treat cancers of the liver and other solid tumors. The Company also plans to use a portion of the proceeds for working capital and general corporate purposes. In order for the rights offering to be successful, the Company will need to amend its certificate of incorporation to increase the number of shares of its common stock that the Company is authorized to issue. Accordingly, the Company has filed a preliminary proxy statement with the SEC to request that its stockholders approve, at a special meeting of stockholders, both an increase in the Company's authorized shares of common stock and a reverse stock split, each of which will be at the discretion of the Company's board of directors to effectuate if the proposals receive the requisite stockholder approval. A reverse stock split will be necessary for the Company to maintain its listing on the NYSE MKT, unless the Company’s stock begins trading at higher levels for a sustainable period of time, and will also decrease the number of shares of common stock outstanding. Provectus has engaged Maxim Group LLC as dealer-manager in the offering. Questions about the rights offering or requests for copies of the prospectus, when available, may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at firstname.lastname@example.org or telephone at (212) 895-3745.
A registration statement on Form S-1 relating to these securities has been filed by Provectus with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The rights offering, which is expected to commence following the effectiveness of the registration statement, will only be made by means of a prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC’s web site at http://www.sec.gov.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
Related EntitiesMaxim Group, S1
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