Pavmed offered to trade a pair of its just-sold Series W warrants for a single Series Z unit worth USD 5.oo apiece.
The New York-based company previously offered the opportunity for investors to exercise the Series W warrants at a discounted price of USD 2.00 per share. As of Feb. 8, Pavmed said 34,345 Series W warrants had been tendered for exercise and the company had raised USD 68,690 in gross cash proceeds.
Each of Pavmed’s outstanding Series W warrants can be exercised for one share of common stock at an exercise price of USD 5.00 per share until Jan. 29, 2022, while each Z warrant can be exercised for one share of common stock at USD 3.00 apiece until April 30, 2024.
Pavmed noted that if all W warrants are exchanged as part of its latest offer, the company’s common stock will be cut by 5,283,992 shares.
Pavmed also raised USD 3.9 million in public offering at the end of last month, saying that it planned to use the funds for working capital and general corporate purposes.
The company sold 2.4 million shares of its common stock at USD 1.80 apiece in the offering, which also included a 45-day option for underwriters to buy an additional 362,292 shares of common stock to cover over-allotments. – Drug Delivery Business