Delcath Systems, Inc. (DCTH) said Friday that it has priced an underwritten public offering of 13.33 million shares of its common stock and warrants to purchase up to about 4 million shares of common stock at a combined price to the public of $1.50 per share and related warrant for gross proceeds of $20 million.
The warrants are exercisable at an exercise price of $1.65 per share and will expire, unless exercised on the third anniversary of the date of issuance.
The net proceeds from the sale of the shares and the related warrants, after deducting the underwriters' discounts and other estimated offering expenses payable by Delcath, will be about $18.4 million, which does not include any potential proceeds from the cash exercise of any warrants.
Delcath has also granted the underwriters a 30-day option to purchase up to an additional 15% of shares of common stock and warrants offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of about $3 million, if exercised in full.
The offering is expected to close on or about May 31.The proceeds of the offering will mainly be used for general corporate purposes, including, but not limited to, commercialization of our products, obtaining regulatory approvals, funding of our clinical trials, research, capital expenditures and working capital.
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