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Lixte Biotechnology Holdings, Inc. Announces Pricing of $5,700,000 Public Offering; Uplisting to Nasdaq Capital Market and Reverse Stock Split
East Setauket, NY, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT)(“Lixte” or the “Company”), today announced the pricing
About this update from Lixte Biotechnology Holdings, Inc.
[{"type":"text","content":"East Setauket, NY, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT)(“Lixte” or the “Company”), today announced the pricing of its underwritten public offering of 1,200,000 units of securities at an offering price of $4.75 per unit. Each unit is immediately separable into one share of common stock and one warrant to purchase one share of common stock and will be issued separately. The warrants underlying the units are immediately exercisable for one share of common stock at an exercise price of $5.70 and expire 5 years from the date of issuance.\n The Company's common stock and warrants will begin trading on the Nasdaq Capital Market on November 25, 2020, under the symbols \"LIXT\" and \"LIXTW,\" respectively. In connection with the offering, the Company effectuated a reverse split of its issued and outstanding common stock at a ratio of 1-for-6. The reverse stock split became effective at 4:00 p.m., Eastern Time, on Thursday, November 19, 2020. The share numbers and pricing information in this release are adjusted to reflect the impact of the reverse stock split. The Company has granted the underwriters a 45-day option to purchase up to 180,000 additional shares of the Company's common stock and/or up to 180,000 additional warrants to purchase shares of the Company's common stock, or any combination thereof, to cover overallotments, if any. The offering is expected to close on or about November 30, 2020, subject to customary closing conditions. The Company expects to receive gross proceeds of $5.7 million, before deducting underwriting discounts and commissions and other estimated offering expenses and before any exercise of the underwriters’ overallotment option. The Company intends to use the net proceeds to fund its planned clinical trials, manufacturing its product candidate, maintain and extend its patent portfolio, retention of contract research organizations, development of a form of its primary compound, LB-100 for oral administration, and for working capital and other general corporate purposes. WestPark Capital, Inc. and WallachBeth Capital, LLC are acting as the joint book-running managers for the offering. This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-248588) previously filed with the U.S. Securities and Exchange Commission (the \"S...