On November 26, 2014, SWK Holdings Corporation, a Delaware corporation (the “Company”), closed its previously announced rights offering to purchase approximately 14,534,884 shares of the Company’s common stock. The rights offering was launched on November 3, 2014, to stockholders of record on October 30, 2014, and expired on November 24, 2014.
In the rights offering, stockholders exercised their basic subscription rights for 13,278,664 shares of common stock and their over-subscription rights for 53,702,096 shares of common stock.
At closing the Company issued 14,534,884 shares of common stock as follows: 13,278,664 shares pursuant to the exercise of basic subscription rights and 1,256,218 shares pursuant to the exercise of over-subscription rights. The shares issued pursuant to the over-subscription rights were calculated on a pro-rata basis in accordance with the terms of the offering. The Company received gross proceeds of approximately $12,500,000.
As the rights offering was fully subscribed, no shares were issued in the standby offering.
Pursuant to the terms of the Purchase Agreement dated as of August 18, 2014, between the Company and affiliates of Carlson Capital, L.P., it is anticipated that the Company will issue an additional 17,440,525 shares at a purchase price of $1.37 per share to funds affiliated with Carlson Capital, L.P. so that Carlson Capital L.P. has a voting 69% ownership interest in the Company.
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