New ETF Book by Larry Connors - Click here to read more
Each unit reportedly consists of one share of the company's common stock, par value USD0.0001 per share and a warrant to purchase 0.45 of a share of common stock.
The costs for the company with respect with the offering are expected to be approximately USD1.5m.
The investors have agreed to acquire the units at a purchase price of USD6.75625 per unit.
The warrants, which represent the right to acquire an aggregate of up to 1,731,724 shares of common stock, have a six year term from the date of issuance, are exercisable beginning six months after the date of issuance and will be exercisable at a price of USD7.37 per share. The company plans to use the net proceeds primarily to fund commercial activities in support of Once Daily LUVOX CR (fluvoxamine maleate) Extended Release Capsules, to complete the Phase III clinical studies of JZP-6 (sodium oxybate) for the treatment of fibromyalgia, and for general corporate purposes.
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