U.S. commercial-stage medical technology company Valeritas Holdings, Inc. has priced its underwritten public offering of 75 million shares of its common stock, Series A warrants to purchase 75 million shares of its common stock and Series B warrants to purchase 75 million shares of its common stock, for gross proceeds of $36 million, at a public offering price of $0.48 per share and accompanying warrants.
Valeritas intends to use the net proceeds from this offering for working capital and other general corporate purposes. The shares of common stock and the accompanying warrants will be sold together in this offering but will be issued separately.
The series A warrants have an exercise price of $0.60 per share, are immediately exercisable and will expire on the fifth anniversary of the date of issuance. The series B warrants have an exercise price of $0.48 per share, are immediately exercisable and will expire on the nine-month anniversary of the date of issuance.
The offering is expected to close on November 20, 2018 subject to customary closing conditions. All of the shares of common stock and warrants to be sold in the offering are being offered by Valeritas.