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Fortress Biotech Announces Closing of Series A Preferred Stock Offering and Full Exercise of Over-Allotment Option
NEW YORK, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Common Stock: Nasdaq: FBIO) (Preferred Stock: Nasdaq: FBIOP) (“Fortress”), an innovative
About this update from Fortress Biotech, Inc.
[{"type":"text","content":"NEW YORK, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Common Stock: Nasdaq: FBIO) (Preferred Stock: Nasdaq: FBIOP) (“Fortress”), an innovative biopharmaceutical company focused on acquiring, developing and commercializing high-potential marketed and development-stage drugs and drug candidates, today announced that the underwriters of its recent public offering of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock have exercised in full their option and purchased an additional 93,750 shares at the public offering price of $20.00 per share. The exercise of the underwriters' option closed on February 20, 2020. After giving effect to the sale of the option shares, a total of 718,750 shares of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock were offered and sold in the offering.\n On February 11, 2020, Fortress priced its public offering of 625,000 shares of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock at $20.00 per share. Following the closing of the exercise of the underwriters' option, Fortress has received aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses, of approximately $14.4 million. The Benchmark Company and ThinkEquity, a division of Fordham Financial Management, Inc. acted as joint bookrunning managers for the offering. Fortress intends to use the net proceeds from the public offering for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital. The offering was made by Fortress pursuant to an effective shelf registration statement on Form S-3 (File 333-226089) previously filed with the Securities Exchange Commission (“SEC”). The offering was made only by means of a written prospectus and related prospectus supplement that form a part of the registration statement. A copy of the final prospectus supplement and accompanying prospectus related to this offering may be obtained from any of the underwriters, including the offices of The Benchmark Company, Attn: Prospectus Department, 150 E 58th Street, 17th floor, New York, NY 10155, 212-312-6700, Email: [email protected], and the offices of ThinkEquity, a division of Fordham Financ...