Hemispherx Biopharma posts reminder of deadline for $8M rights issue

Hemispherx Biopharma Inc (NYSEAmerican:HEB) on Tuesday issued a reminder to its stockholders that the record date of its proposed $8 million rights offering is Thursday, February 14.

To be a stockholder of record on the record date, ownership of Hemispherx stock must occur before the market closes on February 12 to account for settlement.

READ: Hemispherx Biopharma launches $8M rights issue to fund cancer drug trials

Under the terms of the rights offering, Hemispherx will distribute to holders of its stock as well as holders of certain options and warrants as of February 14 at no charge, one non-transferable subscription right for each share of stock held or deemed held on the record date.

Each right allows the shareholder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of Series B Convertible Preferred stock with a face value of $1,000 (and immediately convertible into common stock at a conversion price of $0.25) and 4,000 five-year warrants with an exercise price of $0.25.

Subscription rights are non-transferable and may only be exercised during the subscription period of Friday, February 15, 2019, through Friday, March 1, 2019, unless extended by Hemispherx.

Hemispherx’s flagship products include the Argentina-approved Ampligen, which treats chronic fatigue syndrome and cancer, and the FDA-approved drug Alferon N Injection, a treatment for genital warts.

Hemispherx traded up 1% at US$0.24 in afternoon trade on Tuesday.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors