Already, another, even yuckier offering:
>>Cell Therapeutics, Inc. Announces $37.2 Million Offering
Thursday April 12, 7:00 am ET
SEATTLE, April 12 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) today announced that it has entered into agreements to sell approximately $37.2 million of its 3% Convertible Preferred Stock and warrants in a registered offering to several institutional investors, including existing securities holders. CTI will sell Series B convertible preferred stock and warrants to investors at the negotiated price of $1,000 per share of Series B convertible preferred stock. The Preferred Stock will be convertible into shares of common stock beginning on April 16, 2007, at a conversion price of $1.6825 per share ($6.73 per share following the one-for-four reverse stock split effective on April 15). Purchasers will also receive warrants to purchase common stock in an amount equal to 50% of their total investment amount divided by $1.6825 ($6.73 post-split), which warrants will have an exercise price of $1.62 per share ($6.48 post-split), which is equal to the closing bid price of the Company's common stock as reported on the Nasdaq Global Market on April 10, 2007. The warrants will not be exercisable until six months following the closing.
The offering is expected to close on April 16, 2007, subject to certain closing conditions.
Rodman & Renshaw, LLC acted as the exclusive placement agent for the offering.<<
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Plus Dor is rejecting CTIC's buy offer. Stock is getting whacked today. Oh, Pixantrone, Pixantrone, wherefore art though Pixantrone developed by these clowns?
Sigh.
Cheers, Tuck |
