Spectrum Pharmaceuticals (SPPI) to Raise $21 Million from Institutional Investors at $7.1525 Per Share
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Spectrum Pharmaceuticals, Inc. (NasdaqGM: SPPI) announced that it has received commitments from institutional investors to purchase $21 million of securities in a registered direct offering. Spectrum expects to receive net proceeds of approximately $20 million after deducting placement agent fees and other offering expenses.
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Under the terms of a Securities Purchase Agreement, Spectrum will sell an aggregate of 2,936,037 shares of its common stock and warrants to purchase up to 1,468,020 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately one-half of a share of common stock, will be sold for a purchase price of $7.1525.
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