StemCells (STEM) Announces $12.5M Common Shelf
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StemCells, Inc. (NASDAQ: STEM) announced today that it has entered into an agreement to raise approximately $12.5 million in gross proceeds through the sale of approximately 10 million shares of its common stock to selected institutional investors at a price of $1.25 per share. The investors will also receive warrants to purchase approximately four million shares of common stock at an exercise price of $1.50 per share. The shares and warrants are being offered as a registered direct offering under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). StemCells, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $11.9 million.
The offering is expected to close on November 2, 2009, subject to customary closing conditions. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.
Chardan Capital Markets, LLC served as the placement agent.
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Right time
sol on Oct 28, 2009 10:15 AMis ths the right time to do all this. You have great news on stem cell about the eyes. I know stem cell works because my brother had it done on his heart. Stem cell rocks and people need to get educated. Next Monday you'll hear more about the facelift using your own stem cell. I saw it on the news 2 weeks ago. Lets push these stocks, not destroy them. Stem cell is our new miracle to cure diseases and now our fountain of youth.