- Celsion (NASDAQ:CLSN) enters into a definitive agreement with an institutional investor to sell $6M of stock or pre-funded warrants in a registered direct offering.
- The company has agreed to sell ~4.4M shares of common stock (or pre-funded warrants) at $1.36 a share or warrant share. For each share bought, the investor will receive a Series A warrant to purchase 0.5 of a share of common, a Series C warrant to purchase one share of common and a Series D warrant to purchase 0.5 of a share of common, all at an exercise price of $1.40 per common share.
- The Series A warrants are exercisable six months following issuance terminating 5 1/2 years following issuance, the Series C warrants are exercisable six months following issuance terminating one year following issuance while the Series D warrants are only exercisable upon the exercise of the Series C warrants. They are initially exercisable six months following issuance and terminate 5 1/2 years following issuance.
- Closing date is June 16.