Amarantus Bioscience Holdings Announces $3M Solicitation of Previously Issued Warrants
February 18 2014 - 6:00AM
Amarantus Bioscience Holdings, Inc. (OTCQB:AMBS), a biotechnology
company focused on the discovery and development of novel
diagnostics and therapeutics related to endoplasmic reticulum
stress, cell cycle dysregulation, neurodegeneration and apoptosis,
today announced that it has entered into definitive agreements with
certain existing shareholders whom are accredited investors and
participated in the previously announced $3M convertible note and
warrant financing. The agreements call for such investors to
deliver gross proceeds of $3M to the Company in exchange for the
exercise of warrants for 50 million common shares of Amarantus. The
solicitation was oversubscribed.
In exchange for exercising their warrants (the "Old Warrants"),
the investors will receive warrants to purchase three shares of
common stock at an exercise price of $0.12 (the "New Warrants") for
every four warrants exercised.
The Company may call for the forced exercise of the New Warrants
in the event the shares of the Company's common stock trade at or
above $0.18/share (or split-adjusted equivalent thereof) at the
time the Company is listed on a national exchange or for a period
of 20 consecutive trading days, subject to customary equity
conditions. All of the investors remain subject to 'no shorting'
provisions. Total proceeds resulting from the cash exercise of all
of the New Warrants will equal $4.5M.
The Old Warrants that remain outstanding are subject to force
exercise features if the Company's common stock trades at or above
$0.10/share for a period of 20 consecutive trading days. This
additional forced exercise would yield approximately $2M of cash
exercise proceeds to the Company.
The closing of the transaction is subject to the satisfaction of
customary closing conditions and is expected to occur on or before
March 7, 2014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Amarantus
Amarantus is a biotechnology company developing treatments and
diagnostics for diseases associated with neurodegeneration and
protein misfolding-related apoptosis. The Company has licensed
Eltoprazine ("Eltoprazine"), a phase 2b ready indication for
Parkinson's Levodopa induced dyskinesia and Adult ADHD. The Company
has an exclusive worldwide license to the Lymphocyte Proliferation
test ("LymPro Test®") for Alzheimer's disease and owns the
intellectual property rights to a therapeutic protein known as
Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF") and is
developing MANF-based products as treatments for brain disorders.
Amarantus is a Founding Member of the Coalition for Concussion
Treatment (#C4CT), a movement initiated in collaboration with
Brewer Sports International seeking to raise awareness of new
treatments in development for concussions and nervous-system
disorders. The Company also owns intellectual property for the
diagnosis of Parkinson's disease ("NuroPro") and the discovery of
neurotrophic factors ("PhenoGuard"). For further information please
visit www.Amarantus.com, or connect with the Company on Facebook,
LinkedIn, Twitter and Google+.
Certain statements, other than purely historical information,
including estimates, projections, statements relating to our
business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are
"forward-looking statements." These forward-looking statements
generally are identified by the words "believes," "project,"
"expects," "anticipates," "estimates," "intends," "strategy,"
"plan," "may," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are based on current expectations and assumptions that are subject
to risks and uncertainties which may cause actual results to differ
materially from the forward-looking statements. Our ability to
predict results or the actual effect of future plans or strategies
is inherently uncertain. Factors which could have a material
adverse effect on our operations and future prospects on a
consolidated basis include, but are not limited to: changes in
economic conditions, legislative/regulatory changes, availability
of capital, interest rates, competition, and generally accepted
accounting principles. These risks and uncertainties should also be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements.
CONTACT: Investor/Media Contacts
Aimee Boutcher, Director of Investor Relations
Amarantus Bioscience Holdings, Inc.
408-737-2734 x 101
ir@amarantus.com
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From Apr 2024 to May 2024
Amarantus Bioscience (CE) (USOTC:AMBS)
Historical Stock Chart
From May 2023 to May 2024