financing deal 'stimulates' buyers... wow
just checking my charts and once again, a 'trend' that was in my favor gets interrupted by 'PR'..
whats interesting about this one is, the financier is reportedly buying 8 Million shares at $2.87/sh, and yet the shares have spiked to nearly $5.5 on the news... unreal... but hey, IF I had shares, I would be selling right now and looking to rebuy back wherever this settles back down at...
So once again, a trend that was in my favor as the share price was sliding lower got interrupted. And given its 'trend' and that its still some time away from a PH 3 IF they have to do one... I was thinking under $2/sh for a buy in price... Oh well, the way it goes, now I watch and see...
ursuant to and subject to the terms and conditions of the securities purchase agreement and related agreements, Innoviva will purchase approximately 8.7 million newly issued shares of Armata's common stock, at a price of $2.87 per share, and warrants to purchase up to approximately 8.7 million additional shares of Armata's common stock, with an exercise price of $2.87 per share. The stock purchases are expected to occur in two tranches. At the closing of the first tranche, Innoviva will purchase approximately 1.0 million shares of common stock and warrants to purchase approximately 1.0 million shares of common stock for an aggregate purchase price of $2.8 million. At the closing of the second tranche, upon Armata stockholders voting in favor of the transaction, Innoviva will purchase approximately 7.7 million shares of common stock and warrants to purchase approximately 7.7 million shares of common stock for an aggregate purchase price of $22.2 million. Assuming the completion of the first closing, Innoviva will be entitled to appoint two directors to Armata's Board of Directors. It currently is expected that Innoviva will appoint Sarah Schlesinger. M.D. and Odysseas Kostas, M.D. to serve on Armata's Board of Directors.
Subject to the satisfaction of certain closing conditions, including, with respect to the second closing, the approval of Armata's stockholders, the transactions contemplated by the securities purchase agreement are expected to close during the first quarter of 2020.
