Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, September 28, 5:31 AM
|This Slide: #372 of 585|
Slide #372. CTI BioPharma Corp. — Preferred Stock Offering
CTI BioPharma Corp. (NASDAQ:CTIC)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
CTI BioPharma Corp. ("CTI") (NASDAQ and MTA: CTIC) today announced the pricing of an underwritten public offering of 35,000 shares of its Series 21 Preferred Stock, offered at a price to the public of $1,000 per share of Series 21 Preferred Stock (the "Offering"). Each share of Series 21 Preferred Stock is convertible at the option of the holder, at any time, into 500 shares of common stock at a conversion price of $2.00 per share of common stock, for a total of 17.5 million shares of common stock. The shares of Series 21 Preferred Stock will automatically convert into shares of common stock in certain circumstances. Shares of the Series 21 Preferred Stock will receive dividends in the same amount as any dividends declared and paid on shares of common stock, but would be entitled to a liquidation preference over the common stock in certain liquidation events. The Series 21 Preferred Stock will have no voting rights on general corporate matters.
CTI BioPharma is a biopharmaceutical company focused on the acquisition, development and commercialization of targeted therapies for blood-related cancers where there is an unmet medical need. Co. has one commercially approved product, VONJO (pacritinib), which has received approval in the U.S. by the U.S. Food and Drug Administration for the treatment of adult patients with intermediate or primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis with a platelet count below 50 x 10^9/L.
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Strong Buy (3.83 out of 4)
(ranked higher than approx. 69% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com