Business
Galectin Therapeutics Inc. Announces Record Date, Subscription Pricing, and Expiration Date for Rights Offering and Effectiveness of its Registration Statement
NORCROSS, Ga., April 15, 2019 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (NASDAQ:GALT), the leading developer of therapeutics that target galectin
About this update from Galectin Therapeutics Inc.
[{"type":"text","content":"NORCROSS, Ga., April 15, 2019 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (NASDAQ:GALT), the leading developer of therapeutics that target galectin proteins, today announced that it has set key dates and pricing structure for its previously announced rights offering of approximately 14 million shares of its common stock and approximately 3.5 million warrants to purchase common stock.The Company intends to issue non-transferable subscription rights to purchase shares of its common stock and warrants to common stockholders and certain warrant holders as of 5:00 p.m. Eastern Time on Monday, April 29, 2019 (the \"Record Date\").Investors who do not currently own common stock of Galectin Therapeutics and who wish to participate in the Rights Offering may purchase shares in the market so long as those purchases settle prior to the Record Date. The standard settlement cycle in the United States is currently the trade date plus two business days. Investors wishing to participate in the Company's offering and purchasing shares of common stock in order to do so are encouraged to contact their broker-dealer to ensure the settlement of transactions prior to the Record Date.Following the Record Date, the Company intends to mail to stockholders of record on the Record Date a prospectus and related documents for use in exercising subscription rights. The subscription rights will expire and have no value if they are not exercised prior to 5:00 p.m. Eastern Time on Thursday May 23, 2019 (the \"Expiration Date\").Pursuant to the rights offering, the Company is distributing, at no charge to the holders of its common stock, non-transferable subscription rights to purchase up to approximately 14 million shares of its common stock at a subscription price per share equal to the lesser of (i) $5.50 per share, (the \"Initial Price\") or (ii) ninety-five percent of the volume weighted average price (the \"Alternate Price\") of the Company's common stock as calculated for the twenty five-trading day period through and including the Expiration Date, but not less than $4.00 per share. Holders will also receive warrants equal to 25% of the common shares subscribed in the rights offering. The warrants will have an exercise price of $7.00 per share and are exercisable within 7 years of the closing of the rights offering.Stockholders wishing to exercise subs...