Celsion Corporation Announces Pricing of Underwritten Offering of Common Stock and Warrants to Purchase Common Stock
October 27 2017 - 9:10AM
Celsion Corporation (the “Company”) (NASDAQ:CLSN) today announced
the pricing of an underwritten offering of 2,640,000 shares of its
common stock and warrants to purchase up to 1,320,000 shares of
common stock at an offering price of $2.50 per share and related
warrants. Each share of common stock is being sold together with
0.50 warrants, with each whole warrant exercisable to purchase one
whole share of common stock. The warrants have an exercise price of
$3.00 per share, are not exercisable until 6 months after issuance
and will terminate 5 years from the time each warrant is first
exercisable. The gross proceeds of the offering are expected
to be approximately $6.6 million, before deducting the underwriting
discount and other estimated offering expenses. The closing of this
offering is expected to take place on or about October 31, 2017,
subject to the satisfaction of customary closing conditions.
Oppenheimer & Co. Inc. is acting as the sole
underwriter in connection with this offering.
The estimated net proceeds to the Company from
the sale of the shares of common stock or warrants in the
registered direct offering are expected to be approximately $5.8
million. The Company intends to use the net proceeds for general
corporate purposes.
A shelf registration statement (File No.
333-206789) relating to the shares of common stock to be issued or
shares of common stock underlying the warrants in this offering was
filed with the Securities and Exchange Commission (the “SEC”) on
September 4, 2015, and declared effective on September 25, 2015,
including the base prospectus dated September 25, 2015 included
therein. A prospectus supplement relating to the offering of shares
of common stock or shares of common stock underlying the warrants
to be issued will be filed by the Company with the SEC. Copies of
the final prospectus supplement and the accompanying prospectus
relating to the securities being offered may also be obtained, when
available, from Oppenheimer & Co. Inc. Attention: Syndicate
Prospectus Department, 85 Broad Street, 26th Floor, New York, NY
10004, or by telephone at (212) 667-8563, or by email at
EquityProspectus@opco.com. Electronic copies of the final
prospectus supplement and accompanying prospectus will also be
available on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities.
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.
Additional Information:
Statements made in this press release include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, but not
limited to, the amount and use of proceeds the Company expects to
receive from the sale of the shares of common stock in the
registered direct offering and the warrants and the closing of the
transaction described in this press release, which is subject to
customary conditions. Forward-looking statements can be identified
by the use of words such as "may," "will," "plan," "should,"
"expect," "anticipate," "estimate," "continue," or comparable
terminology. Such forward-looking statements are inherently subject
to certain risks, trends and uncertainties, many of which the
Company cannot predict with accuracy and some of which the Company
might not even anticipate, and involve factors that may cause
actual results to differ materially from those projected or
suggested. Readers are cautioned not to place undue reliance on
these forward-looking statements and are advised to consider the
factors listed above together with the additional factors under the
heading "Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Report on Form 10-K, dated March
24, 2017, and Quarterly Report on Form 10-Q, dated August 14, 2017.
The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Investor Contact
Jeffrey W. Church Senior Vice President & CFO 609-482-2455
jchurch@celsion.com
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