Apricus Biosciences (APRI) Enters $4.6M Common Stock Registered Direct Offering
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Apricus Biosciences, Inc. (Nasdaq: APRI) announced that it has entered into a definitive agreement with institutional investors for an offering of shares of common stock with gross proceeds of approximately $4.6 million in a registered direct offering. The closing of the offering is expected to take place on or about September 27, 2016, subject to the satisfaction of customary closing conditions.
In connection with the offering, the Company will issue approximately 13.1 million registered shares of common stock at a purchase price of $0.35 per share. Concurrently in a private placement, for each share of common stock purchased by an investor, such investor will receive from the Company an unregistered warrant to purchase 0.75 shares of common stock. The warrants have an exercise price of $0.45 per share, will be exercisable six (6) months following the closing date and will expire 5 years from the initial exercise date.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with this offering.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
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Create E-mail Alert Related CategoriesEquity Offerings
Related EntitiesRodman & Renshaw, H.C. Wainwright
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