RR is pretty busy doing small cap stock offerings:
another one is Pluristem:
Pluristem Therapeutics Announces $1.3 Million Securities Offering with Two Institutional Investors
NEW YORK--(BUSINESS WIRE)--Pluristem Therapeutics Inc. (NasdaqCM:PSTI) (DAX:PJT) a bio-therapeutics company dedicated to the commercialization of unrelated donor-patient (allogeneic) cell therapy products for a variety of disorders, announced today it has entered into definitive agreements to sell common stock and warrants to selected institutional investors for aggregate gross proceeds of $1.3 million. The offering is made pursuant to the Form S-3 shelf registration statement that was filed by Pluristem with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on July 1, 2008. The offering is expected to close on or about May 11, 2009, subject to the satisfaction of customary closing conditions.
Or also:
SEATTLE, April 13 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) today announced that it has agreed to sell up to $20 million of Series 1 Preferred Stock and warrants in a registered offering to a single institutional investor. The investor initially purchased today, for $15 million cash, shares of Series 1 Preferred Stock with a stated value of $15 million and certain associated common stock warrants and has the right to, within 60 days, purchase for an additional $5 million cash additional shares of Series 1 Preferred Stock with a stated value of $5 million with no additional warrants. The Series 1 Preferred Stock is convertible into shares of common stock at a conversion price of $0.30. The investor received 45% warrant coverage on the initial $15 million purchase. The warrants have an exercise price of $0.41 per share, for total potential additional proceeds of approximately $9 million. Approximately three-fifths of the warrants cannot be exercised until after six months from issuance, or 61 days from issuance if the investor does not exercise its option to purchase the additional Series 1 Preferred Stock.
The Series 1 Preferred Stock is non-dividend bearing and has no voting rights except to the extent required by law.
Separately, the Company reacquired the remaining 100 outstanding shares ($100,000 stated value) of its Series A 3% Convertible Preferred Stock in exchange for 288,517 shares of common stock, and the Company has agreed to reacquire the remaining 1,000 outstanding shares ($1,000,000 stated value) of its Series D 7% Preferred Stock in exchange for shares of common stock based on a formula keyed to the volume-weighted average price over a 3-day period following April 13, 2009.
Upon completion of these exchanges, the only preferred stock of the Company outstanding will be the new Series 1 Preferred Stock, thereby relieving the Company of future potential redemptions and restrictive covenants contained in the prior series of Preferred Stock.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM - News), acted as the exclusive placement agent for the transaction. |
