ctic is down because they just did another funding.
Press Release Source: Cell Therapeutics, Inc.
Cell Therapeutics, Inc. Announces $20.25 Million Offering
Thursday July 26, 1:45 am ET
SEATTLE, July 26 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) today announced that it has entered into agreements to sell approximately $20.25 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 C convertible preferred stock and warrants to investors at the negotiated price of $1,000 per share of Series C convertible preferred stock. The Preferred Stock will be convertible into shares of common stock beginning on or about July 27, 2007, at a conversion price of $3.90 per share. Purchasers will also receive warrants to purchase common stock in an amount equal to 50% of their total investment amount divided by $3.90, which warrants will have an exercise price of $4.53 per share, which is equal to the closing bid price of the Company's common stock as reported on the Nasdaq Global Market on July 25, 2007. The warrants will not be exercisable until six months following the closing. |
