Shares of NeuroBo Pharmaceuticals Inc. (NRBO) were soaring 43.06% at $3.09 at the time of our last check in pre-market trading after the company revealed the pricing of an equity endeavor.
Which prices has NRBO disclosed?
Prior to subtracting underwriting discounts and commissions, offering expenditures that the company is responsible for, and other costs, NeuroBo (NRBO) announced the price of an underwritten public offering of units and a concurrent private placement for gross proceeds of about $30 million.
- Each Class A Unit in the underwritten public offering consists of one share of common stock, a Series A Warrant (the “Series A Warrants”) to purchase one share of common stock at a $3.00 per share exercise price, and a warrant that expires one year after the initial exercise date.
- The total number of Class A Units in the underwritten public offering is 2,397,003.
- Additionally, it includes a Series B Warrant (the “Series B Warrants”) to buy one share of common stock for $3.00 per share; this warrant expires five years from the original exercise date.
- The offering also comprises the issue of 2,602,997 Class B Units, each of which contains one share of Series B Convertible Preferred Stock, convertible into one share of ordinary stock, one Series A Warrant, and one Series B Warrant, all at a public offering price of $3 per Class B Unit.
- LT & Co. Ladenburg Thalmann Inc. is serving as the offers’ exclusive placement agent and sole book-running manager.
- Only after stockholder approval of the warrants’ exercisability in accordance with Nasdaq regulations will the Series A Warrants and the Series B Warrants be eligible to be used.
Further from NRBO
In a separate private placement, NeuroBo (NRBO) would sell Dong-A St. Co. Ltd. $15 million worth of assets, including warrants to buy shares of common stock and Series A Convertible Preferred Stock. Series A Convertible Preferred Stock, convertible into ordinary stock at a price of $3 per share, and the number of warrants that Dong-A would have acquired had they invested the same amount in the public offering make up the private placement offering. Until the issuance of the underlying shares offered under the private placement has been approved by NRBO’s shareholders, the Series A Convertible Preferred Stock and the warrants are neither convertible nor exercisable.