I received an amended, corrected Rights Offer notification from Schwab today, I put the correction in BOLD:
Offer details:
·Galectin Therapeutics Inc. (the Company) has distributed to holders, one (1) non-transferable subscription right for each common share held as of April 29, 2019 (the Record Date), to purchase up to 14,019,137 Units.
·Each (1) whole subscription right entitles the holder to purchase Units of Galectin Therapeutics Inc. at a subscription price of the lesser of (i) $5.50 (the "Initial Price") and (ii) ninety-five (95%) percent of the volume weighted average price of the common stock for the twenty-five trading day period through and including on the Expiration Date but not less than $4.00 per share (the Alternative Price). Fractional Units and or/shares will be rounded down the nearest Unit/share.
·Holders who exercise their rights will be required to pay the initial subscription price ($5.50) based on each whole common share received, as a result of the exercise.
¨For example:
ÑBasic Subscription Right: Number of rights exercised X ratio (1) = Number of Units
'Therefore, number of Units received x $5.50 (initial price) x 0.3 (ratio) = basic subscription payment.
ÑOversubscription Right: If you fully exercise your Basic Subscription Rights and wish to subscribe for additional Units you may exercise your Oversubscription Rights.
'For example: Number of Units received x $5.50 (initial price) X 0.3 (ratio)= oversubscription payment.
·If, on the Expiration Date, the Alternative Price is lower than the Initial Price, any excess subscription amounts paid by the holder will be put towards the purchase of additional Units.
·Each Unit consists of 0.3 shares of a Galectin Therapeutic common stock (sym: GALT) and one warrant.
What this means for your account.
You have the following choices:
·Basic exercise: You may exercise all or a portion of your subscription rights.
·Oversubscribe: Holders who exercise all of their basic rights may oversubscribe for additional Units, subject to availability, proration, and certain limitations.
·Decline or take no action: If you decline this offer or take no action, your subscription rights will expire and will have no value.
¨Please note: If you submit to decline the offer, you will not receive reminder notifications for this specific offer. If no response is received, you will receive reminder notifications up until the Schwab cut-off date.
Your next steps.
1.Please review in full the prospectus to ensure you understand the offer before making any decision with respect to your shares. If you have not received these offering materials or have questions about the offer, please contact the information agent, Broadridge Corporate Issuer Solutions, Inc., at (844) 886-5456.
2.If you choose to participate, please make sure that you have sufficient funds available to cover the total instruction.
3.Follow the steps below to provide your instructions to Schwab.
Please note:
1.The offer is scheduled to expire on May 23, 2019. In order for us to meet this deadline, we must receive your instructions by May 21, 2019.
2.At the time you submit your instructions, you must have sufficient funds available in your account to cover the total subscription costs. If sufficient funds are not available in the account at the time of the review, your instructions will be cancelled.
3.If oversubscription is available, you must submit your basic and oversubscription instructions at the same time.
4.Once you have given your instructions to Schwab, you cannot change or cancel your instructions unless the offer allows it.
Additional offer terms and conditions:
·Holders who exercise their rights in full may oversubscribe for additional Units at the same subscription price, subject to availability, proration, and certain limitations. Holders who wish to oversubscribe must give those instructions to Schwab at the same time as their basic subscription instructions and indicate the number of additional Units (not the number of rights) for which they wish to oversubscribe.
·Each whole warrant entitles the holder to purchase 0.075 shares of the Company's common stock at an exercise price of $7.00 per whole share. Each warrant will be exercisable from the date of issuance through its expiration 7 years from the date of issuance.
·This offering is not being offered in any jurisdiction where the offer is not permitted under applicable law. Residency restrictions may apply to stockholders outside of the United States; as such, acceptance is at the sole discretion of the Company.
·The Company reserves the right to amend, cancel, extend, or withdraw the offering in its sole discretion.
·Holders are urged to obtain a current price quote for Galectin Therapeutics Inc. common stock (symbol GALT) before exercising their subscription rights.
·The subscription rights are non-transferable and will not be listed on any exchange or other market.
·The Company does not intend list the common stock or the warrants for trading on the Nasdaq Capital Market or any other securities exchange or market.
·The common stock and the warrants comprising the Units will separate upon closing of the Rights Offering and will be issued separately.
AI
