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GT Biopharma Announces Pricing of $23,650,000 Public Offering and Uplisting to The Nasdaq Capital Market
BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- GT Biopharma, Inc. (OTCQB: GTBP) (GTBP.PA) an immuno-oncology company focused on innovative therapies based on the
About this update from Gt Biopharma, Inc.
[{"type":"text","content":" BEVERLY HILLS, Calif.--(BUSINESS WIRE)--\nGT Biopharma, Inc. (OTCQB: GTBP) (GTBP.PA) an immuno-oncology company focused on innovative therapies based on the Company's proprietary NK cell engager (TriKE™) technology platform today announced the pricing of an underwritten public offering of 4,300,000 Units, consisting of one share of its common stock and one warrant to purchase one share of its common stock, at a public offering price of $5.50 per Unit or Pre-Funded Unit, as applicable. In addition, the Company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 645,000 Units, less underwriting discounts and commissions. At the option of the purchasers in the offering in certain circumstances, in lieu of issuing a Unit, the Company may issue a Pre-Funded Unit, consisting of one pre-funded warrant to acquire one share of its common stock and one warrant to purchase one share of its common stock. The offering is expected to close on February 16, 2021, subject to the satisfaction of customary closing conditions.\n\nIn connection with the offering, the Company has been approved for listing common stock on The Nasdaq Capital Market. In addition, the Company effected a 1-for-17 reverse stock split and its common stock will begin trading on The Nasdaq Capital Market under the existing ticker symbol, “GTBP” on a post-reverse stock split basis at the opening of market hours on Thursday, February 11, 2021.\n\nGross proceeds to the Company from the offering are expected to be approximately $23.6 million, before deducting underwriting discounts and commissions and offering expenses, but excluding any exercise of the underwriters’ over-allotment option.\n\nRoth Capital Partners and Dawson James Securities, Inc. are acting as joint book-running managers for the offering.\n\nThe securities described above are being offered by the Company pursuant to a registration statement on Form S-1 (Registration No. 333-251311) that was previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") and declared effective on February 10, 2021. This offering is being made only by means of a prospectus. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC. Electronic copies of the preliminary prospectus and, when available, copies of the final prospect...