2023-07-13 09:09:03 ET
- Molecular Templates ( NASDAQ: MTEM ) plans to conduct a private placement offering of securities to raise up to $40 million, the company said Thursday.
- Certain healthcare investors participating in the offering will purchase an initial tranche of $20 million in exchange for 42.6 million shares of common stock or pre-funded warrants for a purchase price per common share of $0.47.
- The investors may purchase up to an additional $20 million in a mandatory second tranche if certain stock price and trading levels are achieved within a 12-month period.
- The second tranche of $20 million, which consists of the sale of an additional 42.6 million shares of common stock or pre-funded warrants on the same pricing terms, would close if certain conditions are met.
- Stifel is acting as the sole placement agent in connection with the financing.
- Net proceeds will be used to fund ongoing clinical studies, working capital, general corporate purposes, and to continue its collaboration activities with BMS.
- Press Release .
- Shares +4.7% at 49 cents premarket.
For further details see:
Molecular Templates launches $40M private placement