On January 22, 2020 Neurotrope, Inc. (the "Company") (NASDAQ:NTRP) reported that it has received commitments from institutional investors and pre-existing high net worth individuals to purchase an aggregate of $18 million of the Company’s securities in a registered direct offering (Press release, Neurotrope, JAN 22, 2020, View Source [SID1234553906]).
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The Company entered into definitive purchase agreements with these investors pursuant to which the Company agreed to sell an aggregate of 18,000 shares of its Series D Convertible Preferred Stock (which are convertible into a total of approximately 10,909,091 shares of common stock) and warrants potentially exercisable for up to approximately 10,909,091 additional shares of its common stock. Subject to certain ownership limitations, the preferred stock is convertible at any time at the option of the holder into shares of common stock at a conversion price of $1.65 (which represents $0.20 above $1.45, the closing price of the common stock on the previous trading day). The warrants will be exercisable at a price of $1.65 per share and will expire five years from the issuance date. The closing of the offering is expected to take place on or about January 23, 2020, subject to the satisfaction of customary closing conditions.
The estimated net proceeds to the Company from the offering are expected to be approximately $16.4 million. The Company intends to use the net proceeds from this offering for general corporate purposes.
Katalyst Securities LLC acted as our Financial Advisor on this transaction.
A shelf registration statement (File No. 333-217089) relating to the shares of preferred stock and warrants issued in the offering (and the shares of common stock issuable upon conversion of the preferred stock exercise of the warrants) has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A prospectus supplement relating to the offering will be filed by the Company with the SEC. Copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at the SEC’s website at View Source, from Katalyst Securities LLC by e-mailing [email protected], or from Neurotrope, Inc., 1185 Avenue of the Americas, 3rd Floor, New York, New York 10036, Attention: Investor Relations.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.