August 19, 2019 10:42am
Share pricing is down -$0.01 to $0.98
Pricing of $57.5 M offering of preferred stock and warrants and entry into concurrent Private Placement of up to $70 MM and $12.1 M "Upfront Option Fee"
BLCM priced an underwritten public offering of 575,000 shares of its Series 1 preferred stock and warrants to purchase up to 57,5 M shares of its common stock.
Each share of Series 1 preferred stock is being sold together with one warrant to purchase 100 shares of common stock (or, in certain circumstances, one warrant to purchase one share of Series 1 preferred stock) at a combined price to the public of $100.00. The warrants will be immediately exercisable and will expire seven (7) years from the date of issuance. The aggregate offering size, before deducting the underwriting discounts and commissions and other offering expenses, is expected to be approximately $57.5 million.
The offering is expected to close on or about August 21, 2019, subject to customary closing conditions.
Jefferies and Wells Fargo Securities are acting as the book-running managers for the offering. Ladenburg Thalmann is acting as a co-manager.