Entire over allotment taken - $55MM in the bank
Entry into a Material Definitive Agreement.
On March 18, 2014, Oxygen Biotherapeutics, Inc. (the "Company") entered into an Underwriting Agreement (the "Underwriting Agreement") with Ladenburg Thalmann & Co. Inc. (the "Representative"), as representative of the underwriters listed on Schedule I therein (together with the Representative, the "Underwriters"), relating to the offer and sale (the "Offering") of 9,285,714 shares (the "Closing Shares") of the Company common stock, $0.0001 par value per share (the "Common Stock"), at a public offering price of $5.60 per share and a price to the Underwriters of $5.152 per share. The Company granted the Underwriters a 45-day option to purchase up to an additional 1,392,857 shares of Common Stock to cover over-allotments (the "Option Shares" and, together with the Closing Shares, the "Shares"), which option the Underwriters exercised on March 20, 2014.
The closing of the Offering of the Closing Shares and Option Shares (a total of 10,678,571 shares of Common Stock) occurred on March 21, 2014. The gross proceeds of the Offering were approximately $59.8 million and, at the closing, the Company received net proceeds of approximately $55.0 million. The Underwriters received a fee in the form of a discount equal to 8.0% of the gross proceeds of the Offering, or approximately $4.8 million.
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