Titan Pharmaceuticals to raise $5.5M in stock and pre-funded warrant offering

Feb. 02, 2022 9:08 AM ETTitan Pharmaceuticals, Inc. (TTNP)By: Khyathi Dalal, SA News Editor
  • Titan Pharmaceuticals (NASDAQ:TTNP) trades 3.9% lower premarket after it entered into a securities purchase agreement with a single institutional investor to purchase 3.37M shares in a registered direct offering priced at-the-market.
  • In a concurrent private placement, Titan has also agreed to issue and sell to the investor 1.29M pre-funded warrants, at the same purchase price as in the registered direct offering.
  • It has also agreed to issue to the investor in a concurrent private placement unregistered warrants to purchase up to 4.66M shares.
  • The combined offering price of each share or pre-funded warrant and each warrant will be $1.18.
  • Warrants will be immediately exercisable, will expire on the 5-year and six month anniversary of the issuance date and will have an exercise price of $1.14/share.
  • Gross proceeds of both offerings is expected to be ~$5.5M.
  • The offerings are expected to close on or about Feb.4.

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