Jul 24, 2018
SAN DIEGO, July 24, 2018 (GLOBE NEWSWIRE) -- Cytori Therapeutics, Inc. (NASDAQ:CYTX) announced today that its previously announced rights offering (“the Rights Offering”) expired on July 20, 2018 and such rights are no longer exercisable. Cytori accepted all valid subscriptions that were presented and estimates that the Rights Offering will result in approximately $6.7 million in gross proceeds. The results of the Rights Offering and Cytori’s estimates regarding the aggregate gross proceeds of the Rights Offering to be received by Cytori are subject to finalization and verification by Cytori and its subscription agent.
Cytori expects the closing of the Rights Offering will occur on or about July 25, 2018 subject to satisfaction or waiver of all conditions to closing. Upon the closing, the subscription agent will distribute, by way of direct registration in book-entry form or through the facilities of DTC, as applicable, shares of its Series C Convertible Preferred Stock and warrants to holders of rights who have validly exercised their rights and paid the subscription price in full. No physical stock or warrant certificates will be issued to such holders.
Each right entitled the holder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of Series C Convertible Preferred Stock with a stated value of $1,000 (and immediately convertible into common stock at a conversion price of $0.7986 per share, which is equal to 85% of the lowest daily volume weighted average price for Cytori’s common stock, as reported at the close of trading by Nasdaq, during the five trading days prior to the expiration of the Rights Offering (including the expiration date)) and 1,050 warrants. Each warrant entitles the holder to purchase one share of common stock at an exercise price of $0.7986, from the date of issuance through its expiration 30 months from the date of issuance.
Far closder to your $5 million than my "at least" $12 million guesstimate WST. Nice call.
Note the $6.7 million quoted in the release is "gross" aka before Maxim fees
They are toast again come January 2019 by my math.
The following user(s) said Thank You: Wall Street Titan
Thanks Hedge, like I said, without the float out there to short this stock, no Wall Street firm would go out on a limb for such a dire situation with a perilous balance sheet. I sent you a message a while back through the private chat function on this site. Look for it.