GTx, Inc. (GTXI) Enters $14M Registered Direct Stock Offering
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
GTx, Inc. (NASDAQ: GTXI) today announced that it has entered into definitive agreements with certain existing shareholders of the Company, including J.R. Hyde, III, its largest shareholder and the Lead Director of GTx’s Board of Directors (the “Board”), Robert J. Wills, the Board’s Executive Chairman, and Marc S. Hanover, the Company’s Chief Executive Officer and a member of the Board, to sell an aggregate of approximately $14.0 million of shares of its common stock in a registered direct offering. The closing of the offering is expected to take place on or about October 14, 2016, subject to the satisfaction of customary closing conditions.
Under the terms of the offering, the Company will sell approximately 17.3 million shares of its common stock at a purchase price of $0.81 per share, which was the consolidated closing bid price of the Company’s common stock on October 11, 2016.
The Company intends to use the net proceeds from the offering to fund clinical development and other research and development activities and for working capital and general corporate purposes.
The shares of common stock described above are being offered directly by GTx without an underwriter or placement agent pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Such shares of common stock are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UniPixel (UNXL) Reports MOU for Strategic Partnership with General Interface Solution
- Cable ONE (CABO) to Acquire NewWave for $735M
- Two Harbors Investment (TWO) Prices $250M Convertible Senior Notes Offering
Create E-mail Alert Related CategoriesEquity Offerings
Related EntitiesEquity Offerings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!