Business
Longeveron Announces Pricing for Rights Offering and Expected Calendar
MIAMI, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) (“Longeveron” or “Company”), a clinical stage biotechnology company developing
About this update from Longeveron Inc.
[{"type":"text","content":"MIAMI, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ: LGVN) (“Longeveron” or “Company”), a clinical stage biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions such as hypoplastic left heart syndrome (HLHS), Alzheimer’s disease and Aging-related Frailty, announced today that it has filed an amended registration statement with the Securities and Exchange Commission to conduct a tradable subscription rights offering to holders of its Class A common stock, Class B common stock and warrants to purchase its Class A common stock. The rights offering is being made through a distribution of five tradable subscription rights (to be listed on The NASDAQ Capital Market under the ticker symbol LGVNR) to purchase shares of Class A common stock, for each share of common stock and warrant to purchase common stock owned on the record date, at a $3.00 subscription price per share. The distribution of the subscription rights must be settled within two business days of the transaction date. So, to be considered a stockholder of record, you must own the stock in your brokerage account as of 5:00 PM Eastern Time on Wednesday, August 16, 2023, which is two trading days before the record date of Friday, August 18, 2023. The rights offering also includes an over-subscription privilege, entitling each rights holder that exercises all of its basic subscription rights in full the ability to purchase additional shares of Class A common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among those exercising this over-subscription privilege. The amended registration statement also covers the placement of unsubscribed shares of Class A common stock for an additional period of up to 45 days following expiration of the offering, as well as the potential resale by the Company’s principal stockholders, directors and executive officers of subscription rights during the period for which the subscription rights may be transferred in accordance with the terms of the rights offering. The calendar for the rights offering is as follows assuming an August 14, 2023 effective date: Wednesday, August 16 Ownership Day – Shares must be acquired by 5:00 PM ET to be considered a stockholder of record on the Record Date Thursda...