Date: 2016-05-05
Type of information: Financing round
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Others: GenVec Announces $5 Million At-The-Market Offering In connection with the offering, the Company will issue approximately 5.5 million registered shares of common stock at a purchase price of $0.91375 per share. Concurrently in a private placement, for each share of common stock purchased by an investor, such investor will receive from the Company an unregistered warrant to purchase three-quarters of a share of common stock. The warrants have an exercise price of $0.83 per share, will be exercisable six months from the date of issuance, and will expire six years from the initial exercise date. Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent in connection with this offering. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. The shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered pursuant to a shelf registration statement (File No. 333-193511) which became effective on February 11, 2014. Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
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GAITHERSBURG, Md., May 5, 2016 /PRNewswire/ -- GenVec, Inc. (NasdaqCM: GNVC) ("GenVec" or "the Company"), today announced that it has entered into a definitive agreement with institutional investors for an offering of shares of common stock with gross proceeds of approximately $5 million in an at-the-market registered direct offering. The closing of the offering is expected to take place on or about May 10, 2016, subject to the satisfaction of customary closing conditions.
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