PIII - P3 Health Partners to raise ~$90M in stock offering
2023-03-31 07:16:07 ET
- P3 Health Partners ( NASDAQ: PIII ) entered into definitive agreements to sell securities in a private placement with a group of institutional investors.
- The lead institutional investors in the private placement are affiliates of Chicago Pacific Founders (CPF) and Leavitt Partners.
- Post the terms of the securities purchase agreements, the company will issue 79.9M units at a price of ~$1.12/unit for institutional investors, and a purchase price of ~$1.19/unit for employees and consultants.
- Each unit consists of one share and 0.75 of a warrant to purchase one share at an exercise price of $1.13.
- Transaction is expected to result in gross proceeds of ~$90M, before deducting placement agent fees and offering expenses, including $71M of gross proceeds from purchases by affiliates of CPF.
- Net proceeds to be used for the financing for general corporate purposes.
- The closing of the private placement is subject to certain conditions and is expected to occur on Apr.6, 2023.
- CPF has agreed to limit its exercise of the warrants to the extent that after giving effect to the exercise, CPF and its affiliates would beneficially own in excess of 49.99% of the company's common stock.
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P3 Health Partners to raise ~$90M in stock offering