StemCells (STEM) Announces $12.5 Million Equity Financing At $1.25 A Share
October 28, 2009 8:23 AM
StemCells, Inc. (NASDAQ: STEM) announced today that it has entered into an agreement to raise approximately $12.5 million in gross proceeds through the sale of approximately 10 million shares of its common stock to selected institutional investors at a price of $1.25 per share.
The investors will also receive warrants to purchase approximately four million shares of common stock at an exercise price of $1.50 per share. The shares and warrants are being offered as a registered direct offering under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). StemCells, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $11.9 million.
