Business
Roivant Announces Redemption Fair Market Value in Connection with Redemption of its Outstanding Warrants
BASEL, Switzerland and LONDON and NEW YORK, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Roivant (Nasdaq: ROIV) today announced the “Redemption Fair Market Value” to be
About this update from Roivant Sciences Ltd.
[{"type":"text","content":"BASEL, Switzerland and LONDON and NEW YORK, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Roivant (Nasdaq: ROIV) today announced the “Redemption Fair Market Value” to be used in connection with the previously announced redemption of its outstanding public warrants (the “Public Warrants”) and private placement warrants (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”). The Redemption Fair Market Value will be used to determine the number of Roivant common shares (the “Common Shares”) that will be issued in connection with a Make-Whole Exercise (as defined below) of a Warrant, subject to the terms of the Warrant Agreement (as defined below). On August 2, 2023, Roivant announced the redemption of all of its outstanding Warrants to purchase Common Shares pursuant to its Warrant Agreement dated September 30, 2021 with Equiniti Trust Company, LLC (formerly American Stock Transfer & Trust Company, LLC) as successor warrant agent (the “Warrant Agent”) (the “Warrant Agreement”), that remain outstanding following 5:00 p.m. New York City Time on September 1, 2023 (the “Redemption Date”) for a redemption price of $0.10 per Warrant (the “Redemption Price”). The Warrant Agent previously delivered the notice of redemption (the “Notice of Redemption”) to each of the registered holders of the outstanding Warrants on behalf of Roivant. Roivant has directed the Warrant Agent to deliver a notice (the “Notice of Redemption Fair Market Value”) on behalf of Roivant to each of the registered holders of the outstanding Warrants informing holders: that the Redemption Fair Market Value is $11.35; andas a result, holders who elect to exercise their Warrants on a “cashless basis” (a “Make-Whole Exercise”) prior to the Redemption Date will be entitled to receive approximately 0.2495 Common Shares per Warrant exercised. The rights of the Warrant holders to exercise their Warrants will terminate at 5:00 p.m. New York City Time on the Redemption Date. Payment upon exercise of the warrants may be made either (i) in cash, at an exercise price of $11.50 per Common Share, or (ii) on a “cashless basis” whereby the exercising holder will receive approximately 0.2495 Common Shares per Warrant exercised. If a Warrant holder would be entitled to receive a fractional interest in a Common Share, the number of Common Shares the Warrant holder wi...