Examples of Third Private Placement in a sentence
Third Private Placement: Upon completion of the Second Private Placement, Millennia would have the right to directly invest, partner and/or arrange a further US$135 million for Poly within 360 days of the date of closing of the Second Private Placement in return for additional shares of Poly representing 20% of the outstanding shares of Poly (which would result in Millennia holding 63.77% of Poly’s shares).
This Prospectus also qualifies the distribution of the 1,705,440 Common Shares underlying the Finder Warrants, the distribution of the 521,600 Common Shares underlying the Second Private Placement Warrants and the distribution of the 386,960 Common Shares underlying the Third Private Placement Warrants.
The Common Shares underlying the 386,960 Third Private Placement Warrants are being qualified for distribution under this Prospectus.
Third Private Placement On May 3, 2021, the Company entered into the Third Securities Purchase Agreement, with a subsidiary of Innoviva, pursuant to which the Company agreed to issue and sell to Innoviva up to 10,000,000 newly issued shares of common stock of the Company at $2.00 per share and warrants to purchase up to 10,000,000 shares of common stock, each with an exercise price per share of $2.00.
Securities that could potentially dilute basic earnings per share for the nine-month period ended September 30, 2021, that were excluded from the computation of diluted earnings per share because to do so would have been antidilutive, were the unexercised, as of September 30, 2021, Third Private Placement Warrants, calculated in accordance with the treasury stock method.
The exercise price of the 2021 Third Private Placement Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Company’s common shares and also upon any distributions of assets, including cash, stock or other property to existing shareholders.
As compensation for the Third Private Placement, the Agent (as defined below) received a cash finder’s fee of $92,240 and 386,960 common share purchase warrants of the Company (the “Third Private Placement Warrants”).
The 2021 Third Private Placement Warrants issued in the 2021 Third Registered Direct Equity Offering have a term of five years and are exercisable immediately and throughout their term for $6.50 per common share (American style option).
Equity Capital Structure (continued): 2021 Third Registered Direct Equity Offering On April 5, 2021, the Company entered into agreements with certain unaffiliated institutional investors pursuant to which it offered and sold 19,230,770 common shares and warrants to purchase up to 19,230,770 common shares (the “2021 Third Private Placement Warrants”) in a registered direct offering or the 2021 Third Registered Direct Equity Offering.
Between their issuance date and September 30, 2021, there were no exercises of the Third Private Placement Warrants and, as a result, as of September 30, 2021, 19,230,770 Third Private Placement Warrants remained unexercised and potentially issuable into common stock of the Company.