Cerecor closes private placement of common stock at $0.35 a share; shares down 21%

|About: Cerecor (CERC)|By:, SA News Editor

Thinly traded nano cap Cerecor (CERC -20.7%) heads south on increased volume in response to the pricing of its $5M private equity placement with Armistice Capital.

The company sold 2,345,715 shares of common stock at $0.35 per share, 4,179 shares of newly created Series A Preferred Stock convertible into 11.94M common shares and warrants to purchase up to 14,285,715 shares of common at $0.40 (the latter two subject to shareholder approval).