SIGA Technologies (SIGA) Announces Completion of $35.3M Rights Offering

November 16, 2016 4:31 PM EST
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SIGA Technologies, Inc. (OTC: SIGA) announced the successful completion of its previously announced rights offering (the “Rights Offering”), pursuant to which it raised approximately $35.3 million through the sale of 23,523,195 shares of its common stock. The final subscription price was $1.50 per share. Through basic subscriptions and oversubscriptions, the Rights Offering was fully subscribed and the Company did not need to draw on the commitment made by the parties to the previously disclosed backstop agreement.

The Company also announced the funding of its previously disclosed loan agreement, which, together with the proceeds of the Rights Offering , and with the use of cash on hand, enabled the Company today to satisfy, in its entirety, the remaining portion of PharmAthene, Inc.’s judgment against the Company.

“This marks a significant milestone for SIGA. The Company has now fully satisfied the prior judgment, and is poised for future growth,” said CEO Phil Gomez.

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