PRVB - Provention Bio to raise $60M through private placement of securities
- Provention Bio ( NASDAQ: PRVB ) has entered into a securities purchase agreement with institutional investors for the private placement of ~$60M of shares of its common stock and warrants to acquire 13,318,535 additional shares of its common stock.
- The private placement investors include Sessa Capital and Armistice Capital Master Fund Ltd.
- The warrants will be exercisable immediately at an exercise price of $6.00/share and will have a five-year term.
- The company anticipates aggregate gross proceeds from the offering will be approximately $60 million based on the offering price of $4.505 for each share of the Company's common stock plus one Warrant.
- Net proceeds from the private placement to fund expenses in preparation for the potential launch of teplizumab, to advance its clinical development candidates, as well as for working capital and other general corporate purposes.
- Offering is expected to close on or about July 13, 2022.
- Shares are up 5.02% after-hours.
For further details see:
Provention Bio to raise $60M through private placement of securities