Arch in $6.1-million registered direct offering
Arch Therapeutics (OTCQB:ARTH) priced a registered direct offering of 10,166,664 units, with each unit consisting of a common share and 0.55 of a Series F warrant, at a purchase price of 60 cents a unit for gross proceeds of about $6.1-million.
The Series F warrants have an exercise price of 75 cents a share over the next five years. Closing is expected on Feb. 24.
Approximately $825,000 of the proceeds will be used to satisfy outstanding indebtedness to the Massachusetts Life Sciences Center under a Life Sciences Accelerator Funding Agreement.