HEPA - Hepion Pharmaceuticals dips after pricing $20M convertible preferred stock offering
- Hepion Pharmaceuticals ( NASDAQ: HEPA ) has priced a $20M private offering of convertible redeemable preferred stock.
- The biopharmaceutical company entered into a securities purchase agreement with certain institutional investors to purchase 1.9M shares of Series F convertible redeemable preferred stock and 100K shares of Series G convertible redeemable preferred stock.
- Each share of Series F and Series G preferred stock has a purchase price of $9.50 and are convertible into shares of the company’s common stock at an initial conversion price of $1.00 per share.
- Shares of the Series F and Series G preferred stock are convertible at the option of the holder at any time following the company’s receipt of stockholder approval of a reverse stock split.
- The company and the stockholders also entered into a registration rights agreement to register the resale of the shares of common stock issuable upon conversion of the Series F and Series G preferred stock.
- Total gross proceeds from the offerings is $20M.
- HEPA shares are down 3% premarket
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Hepion Pharmaceuticals dips after pricing $20M convertible preferred stock offering