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ContraVir Pharmaceuticals Informs Stockholders of Key Dates and Terms Related to Announced Rights OfferingFont size: A | A | A
9:00 AM ET 6/5/18 | GlobeNewswire
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ContraVir Pharmaceuticals Informs Stockholders of Key Dates and Terms Related to Announced Rights Offering

EDISON, N.J., June 05, 2018 (GLOBE NEWSWIRE) -- ContraVir Pharmaceuticals, Inc. (NASDAQ:CTRV) ("ContraVir" or the "Company"), a biopharmaceutical company focused on the development and commercialization of therapeutic drugs for the treatment of hepatitis B virus (HBV), today provided an informational update to stockholders regarding its rights offering and the key dates and terms relative to the offering. Stockholders are advised to ensure they complete their open market purchases of ContraVir common stock by 5:00 PM ET on Tuesday, June 12, 2018 to be considered a stockholder of record on Thursday, June 14, 2018. Holders of the Company's warrants issued in October 2015, April 2016 and April 2017 are also invited to participate in the rights offering on the same terms as the stockholders. Stockholders or interested parties are advised to direct all questions and informational requests to the contacts listed below.

Under the proposed rights offering, ContraVir will distribute to its holders of common stock and to certain warrant holders, at no charge, one non-transferable subscription right for each share of common stock held or deemed held on the record date. Each right will entitle the holder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of Series C Convertible Preferred Stock with a face value of $1,000 (and immediately convertible into common stock at an assumed conversion price of $1.55) and 323 warrants with an assumed exercise price of $1.55. The warrants will be exercisable for five (5) years after the date of issuance.

The subscription rights are non-transferable and may only be exercised during the anticipated subscription period of Friday June 15, 2018 through 5:00 PM ET on Thursday, June 28, 2018, unless extended by ContraVir.

The expected calendar for the rights offering is as follows:

-- Tuesday, June 12, 2018: Ownership Day -- in order to be considered a

stockholder of record on Thursday, June 14, 2018, shares should be

acquired by this date.

-- Thursday, June 14, 2018: Record Date

-- Friday, June 15, 2018: Distribution Date; Subscription Period Begins

-- Thursday, June 28, 2018: Subscription Period Ends 5:00 PM ET, unless the

Company extends the Subscription Period

Holders who exercise their subscription rights in full will be entitled, if available, to subscribe for additional units that are not purchased by other shareholders, on a pro rata basis and subject to ownership limitations.

ContraVir has engaged Maxim Group LLC as dealer-manager in the rights offering. Questions about the rights offering or requests for copies of the preliminary and final prospectuses, when available, may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at [e-mail] or telephone at [phone].

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The rights offering, which is expected to commence following the effectiveness of the registration statement, is being made only by means of a written prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC's website at https://www.sec.gov/Archives/edgar/data/1583771/000104746918004237/a2235924zs-1a.htm. Copies of the preliminary and final prospectus for the rights offering may be obtained, when available, from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: [e-mail] or telephone [phone].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.