By Chris Wack


KemPharm Inc. shares were down 12% to $13.62 after the company said it has entered into agreements with certain of its holders of its existing warrants to exchange 6.1 million common shares.

The holders will exercise their warrants for cash in exchange for the company's agreement to issue in a private placement new warrants to purchase up to 1.5 million shares.

The new warrants are immediately exercisable and have substantially the same terms as the existing warrants, except that the new warrants have an exercise price of $16.50 a share and expire Dec. 31, 2026.

The proceeds from the exercise of the existing warrants and the issuance of the new warrants are expected to total $39.1 million, before deducting the financial advisory fees.


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(END) Dow Jones Newswires

June 18, 2021 13:07 ET (17:07 GMT)

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