August 31, 2017 10:28am
VTGN is down -$0.10 or -5.50% to $1.72
A little heavy on the warrants to raise $2.4 million ...?
VTGN priced an offering of 1,371,430 shares of its common stock and warrants to purchase up to 1,892,572 shares of common stock at an offering price of $1.75 per share.
Each share of common stock is being sold together with 1.0128 Series A1 Warrants and 0.3672 of a Series A2 Warrant, with each whole Series A1 Warrant and each whole Series A2 Warrant exercisable to purchase one whole share of common stock. The warrants have an exercise price of $1.82 per full share, and will terminate 5 years from the time each warrant is first exercisable. Series A1 Warrants to purchase up to 1,388,931 shares of common stock are not exercisable until 6 months after issuance. Series A2 Warrants to purchase up to 503,641 shares of common stock are immediately exercisable.
The gross proceeds of the offering are expected to be approximately $2.4 million, before deducting the underwriting discount and other estimated offering expenses.
Oppenheimer & Co. Inc. is acting as sole underwriter for the offering.
The closing of the offering is expected to occur on or about September 6, 2017, subject to the satisfaction of customary closing conditions.
