Ovid Therapeutics (NASDAQ:OVID) prices two separate public offerings of 9M common shares at $2.50/share and 4,000 non-voting Series A Convertible Preferred Stock at $2,500/share (each share of Series A preferred stock is convertible into 1,000 shares of common stock).
Underwriters are granted a 30-day option to purchase additional up to 15% of common shares.
Closing date is October 8, 2019.
The Company expects to receive combined gross proceeds of $32.5M. Net proceeds will be used primarily to advance the clinical development of its OV101 and OV935 programs and for working capital and general corporate purposes.
Shares are down 27% premarket.
Subscribe for full text news in your inbox