NeoStem raises $19.2M to complete Progenitor deal
NeoStem Inc. (NYSE-A:NBS) raised $19.2 million in a pair of unit offerings. The company raised $9.2 million through the sale of 6.3 million units at $1.45 in a follow-on underwritten by Cowen; Maxim Group; and National Securities. Each unit comprises a share and a five-year warrant to purchase 0.5 shares, with each whole warrant exercisable at $1.85.
NeoStem also raised $10 million through the sale of 10.6 million units at $0.95 in a registered direct offering. Each unit comprises a share of series E 7% senior convertible preferred stock due 2013, 0.016 shares of common stock and a three-year warrant to purchase 0.25, with each whole warrant exercisable at $2.09. The preferred shares initially convert at $2, which is a 20% premium to NeoStem's close of $1.67 on Monday, before the offering was announced. Cowen and LifeTech Capital were placement agents. ...