The company anticipated STEM shares getting hit, so prior to announcing the selling of more stock, the company issued a press release having the title: "StemCells, Inc. Completes Enrollment of First Cohort in Landmark Chronic Spinal Cord Injury Trial."
StemCells, Inc. Announces Pricing of Public Offering to Raise Up to $20 Million
From the StemCells Inc. press release...
[...] 8,000,000 units and 8,000,000 Series B Warrants, each to purchase one unit, at a public offering price of $1.25 per unit for gross proceeds of $10 million, [...]
Each Unit consists of (i) one share of the common stock, par value $.01 per share, of the Company's common stock and (ii) one Series A Warrant to purchase one share of common stock.
The Series A Warrants are immediately exercisable at an initial exercise price of $1.40 per share and expire on the fifth anniversary of the date of issuance.
The Series B Warrants are exercisable immediately at an exercise price of $1.25 per Unit. The Series B Warrants will expire at the close of business on the ninetieth (90th) trading day after the date of issuance.
StemCells Inc. executed a 1:10 stock split on 02011.07.06 and has approximately 14.33 million STEM shares.
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