Date: 2015-04-29
Type of information: Private placement
Company: Stemcells (USA - CA)
Investors:
Amount: $25 million
Funding type: private placement
Planned used:
Others: * On April 29, 2015, StemCells announced that it has closed its previously announced offering of common stock and warrants. The Company sold a total of 35,715,000 shares and warrants to acquire 26,786,250 shares of common stock at a public offering price of $0.70 per unit for a fixed combination of one share of common stock and a warrant to purchase three-quarters of a share of common stock. The Company also issued warrants to purchase an additional 4,017,938 shares of common stock pursuant to the exercise of the underwriters\' option to acquire additional warrants to cover over-allotments. The Company received total proceeds, net of offering expenses, underwriting discounts and commissions, of approximately $23.35 million. The warrants have an exercise price of $0.85 per share, are exercisable immediately, and will expire five years from the date of issuance. If the warrants are exercised in full, StemCells, Inc. will receive additional proceeds of approximately $26.2 million. The underwriters have a 30-day option to purchase up to an additional 5,357,250 shares of common stock to cover over-allotments.
Maxim Group LLC acted as sole book-running manager and Chardan Capital Markets, LLC acted as co-manager for the offering. Meyers Associates, L.P. and IFS Securities, Inc. acted as financial advisors for the offering.
Therapeutic area: Rare diseases - Regenerative medicine
