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Cell Therapeutics Inc Closes Underwritten Public Offering of USD 60 Million of Convertible Preferred Stock

Friday, 12 Oct 2012 01:30am EDT 

Cell Therapeutics Inc (CTI) announced that on October 11, 2012 there has been the closing of its previously announced underwritten public offering of 60,000 shares of its Series 17 Preferred Stock, sold at a price to the public of USD 1,000 per share of Series 17 Preferred Stock (the Offering). Each share of Series 17 Preferred Stock is convertible at the option of the holder, at any time, into approximately 714 shares of common stock at a conversion price of USD 1.40 per share of common stock, for a total of approximately 42.9 million shares of common stock. The shares of Series 17 Preferred Stock will automatically convert into shares of common stock in certain circumstances. Shares of the Series 17 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock, but would be entitled to a liquidation preference over the common stock in certain liquidation events. The Series 17 Preferred Stock will have no voting rights on general corporate matters. CTI received approximately $55.6 million in net proceeds from the Offering after deducting commission and expenses and other estimated offering expenses payable by CTI. Jefferies & Company, Inc. acted as sole book-running manager for the Offering. Roth Capital Partners, LLC and ThinkEquity LLC acted as co-managers for the Offering. 

Company Quote

-0.02 -0.83%
1 Oct 2014