SPPI: up 32%. Was it this news?
From an SEC 8-K
On May 6, 2009, Spectrum Pharmaceuticals, Inc. (the "Company") and certain persons (the "Investors") entered into individual Stock Purchase Agreements (the "Purchase Agreements"), pursuant to which the Company agreed to sell an aggregate of 432,200 shares of its common stock to the Investors at a purchase price of $2.70 per share, which was the closing price of the Company's common stock on May 6, 2009 (the "Offering"). The Sale resulted in gross proceeds to the Company of $1,166,940. The Investors included Rajesh Shrotriya, M.D., the Company's Chairman, President and Chief Executive Officer, and Shyam Kumaria, the Company's Vice President, Finance: Dr. Shrotriya purchased 290,000 shares of common stock and Mr. Kumaria purchased 85,000 shares of common stock. The Company decided to conduct the Offering to employees, including Dr. Shrotriya and Mr. Kumaria, to allow such employees to invest their personal cash directly into the Company at the current fair market value of the Company's stock.
The common stock will be issued pursuant to a prospectus supplement filed with the Securities and Exchange Commission on May 7, 2009, in connection with a takedown from our shelf registration statement on Form S-3 (File No. 333-150260), which became effective on May 5, 2008. The Purchase Agreements include provisions prohibiting the Investors from disposing of the shares of common stock purchased in the Offering for ninety days. The Offering was approved by the Placement Committee of the Board of Directors, which has the authority to issue securities of the Company from the shelf registration statement. In addition, the Audit Committee of the Board of Directors approved the Offering pursuant to the Company's Related Party Transaction Policies and Procedures.
A copy of the form of the Purchase Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference.
