May 5, 2020 11:40am
Priced at $9.45, selling 1.587 million shares to raise $15 million
PSTI is trading +$0.45 or +4.81% at $9.81
PSTI has entered into definitive agreements with two (2) institutional investors
The net proceeds from the offering are expected to be approximately $15,000,000.
Pluristem intends to use the net proceeds from the offering for working capital, including funding towards its P2 study of PLX cell therapy in the treatment of complications arising from COVID-19 and other clinical trial activities, investment in capital equipment and other general corporate purposes.
The offering is expected to close on or before May 7, 2020, subject to customary closing conditions.
The Bottom Line: Kudos, not bad at all, with $16 million in the till, and up to €50 million (US$54.2 million) being made available from the EIB through three tranches over a period of 36 months. The Financing will not exceed 50% of the total cost of the applicable project. Each tranche will be disbursed following the achievement of certain clinical, regulatory and scaleup milestones. The first tranche is €20 million, followed by a second tranche of €18 million, and a third tranche of €12 million.