Cellectar Biosciences Inc. closed a registered direct offering of 1,954,388 common shares and 41.0412949 preferred shares.
The preferred stock was offered at $100,000 per share and is immediately convertible into about 53,369 shares for a total of 2,190,330 shares upon conversion at a price of $1.87375 per share.
The company received gross proceeds of about $7.8 million.
Cellectar Biosciences also offered the purchasers series D warrants to buy an aggregate of 3,108,538 common shares as part of a concurrent private placement.
The warrants have an exercise price of $1.78, will be immediately exercisable and will expire in 7 years.
Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent in connection with the offering.