Cyclacel Pharmaceuticals Enters Into Agreement for Purchase and Sale of Shares
- Wednesday, October 16, 2024
Cyclacel Pharmaceuticals, a renowned biopharmaceutical company, recently announced its definitive agreement for the purchase and sale of 388,000 shares at $3.315 per share in a registered direct offering. As a result, the company's shares experienced a 23% decline and settled at $2.77.
Unregistered Warrants Issued
Additionally, Cyclacel Pharmaceuticals will issue unregistered warrants, allowing individuals to buy up to 388,000 shares at an exercise price of $3.19 per share. These warrants will be immediately exercisable for a period of seven years following their issuance.
Closing of the Offering
The closure of this offering is anticipated to take place on or around Tuesday.
Concurrent Private Placement
Simultaneously, the company plans to conduct a private placement by issuing 8,000 shares at $3.315 per share. To further incentivize key members of management, Cyclacel Pharmaceuticals will provide warrants to purchase up to 8,000 shares at an exercise price of $3.19 per share.
Utilization of Proceeds
The total proceeds from this offering are projected to reach approximately $1.3 million. Cyclacel intends to allocate these funds towards working capital and general purposes.
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