Whoa, now a private placement with all the stuff I feared!
>>ALAMEDA, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Xenogen Corporation (Nasdaq: XGEN - News) announced today that it has entered into definitive agreements to sell $15 million of its common stock and warrants exercisable for additional shares of common stock. The securities are being sold to accredited institutional and venture investors and the parties expect to close the transaction shortly.
Xenogen has agreed to sell 5,154,639 shares of its common stock at $2.91 per share, a $0.05 premium to the closing price of the common stock on August 11, 2005. The sale includes 30% warrant coverage at an exercise price of $3.29 per share, a 15% premium to the common stock closing price on August 11, 2005. The proceeds of the financing are expected to be used for working capital and general corporate purposes.<<
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I have not seen the warrants termed this way: "30% warrant coverage." Meaning .3*5,154,639= warrants for 1,546,392 shares? No 8-K for this, and 10-Q yet, either.
Reminds of Rigel. Is the worst about over?
Cheers, Tuck |
