Cellect Biotechnology (NASDAQ:APOP; TASE:CLBD) priced an initial public offering in the U.S. of 1,292,308 American Depository Shares (ADSs) and warrants to purchase up to 969,231 ADSs.
Each ADS, representing 20 ordinary shares of the company, and each warrant to purchase ADSs were offered at a combined price of $6.50, which equated to a 13% discount from the closing price on TASE on the day of the offering. The offering raised gross proceeds of $8.4-million, compared with $10-million the company originally intended to raise. Also, the 75% warrant coverage was up from the anticipated 50% indicated in Cellect’s amended F-1 filed with the SEC on July 22. The warrants have been listed on NASDAQ under the symbol “APOPW”.
Shares of Cellect closed yesterday at $5.10 on NASDAQ, down 21% from the IPO price.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., is acting as the sole book runner in the offering, with Joseph Gunnar & Co. acting as co-manager.