Marshall Edwards Receives $4 Million Subscription From Novogen In Rights Offering
Marshall Edwards, Inc. (Nasdaq: MSHL) announced that its majority shareholder, Novogen Limited, has exercised rights to acquire $4 million of Units, subject to availability, in Marshall Edwards' ongoing rights offering following approval at a meeting of Novogen stockholders in Sydney on Monday.
Pursuant to the rights offering, Marshall Edwards distributed one subscription right for each share of common stock owned to holders of record as of 5:00 p.m., Eastern time, on March 30, 2012. Each subscription right entitles the holder to purchase one Unit, which consists of 0.5 shares of the Company's common stock and a warrant to purchase 0.25 shares of the Company's common stock. Holders of the Company's outstanding Series A warrants also received one subscription right for each share of common stock issuable pursuant to such warrants.
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