Cell Therapeutics, Inc. (CTIC) announced an agreement to sell $30 million of shares of its series 3 preferred stock and warrants to purchase shares of its common stock in a registered offering to two institutional investors. Each share of series 3 preferred stock is convertible at the option of the holder, at any time during its existence, into about 823 shares of common stock at a conversion price of $1.21375 per share of common stock, for a total of about 24.69 million common shares.
In connection with the offering, the investors received warrants to purchase up to 8.64 million shares of common stock. The warrants have an exercise price of $1.18 per warrant share, for total potential additional proceeds to the company of around $10.2 million upon exercise of the warrants. The warrants are exercisable immediately upon issuance and terminate one year and one day after the date of issuance.
The closing of the offering is expected to occur on January 19, 2010. The company plans to use the net proceeds from the offering for working capital and general corporate purposes.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc., (RODM), acted as the exclusive placement agent for the offering.
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