Checkpoint To Sell 1.7 Mln Shares For $6.1 Mln

(RTTNews) - Checkpoint Therapeutics, Inc. (CKPT), a firm focused on clinical-stage immunotherapy and targeted oncology, on Friday announced a deal for the issuance and sale of 1.7 million shares at $3.60 per share.

The total proceeds from the offering, expected to close on or about April 4, are estimated to be around $6.1 million.

The company intends to use the net proceeds for working capital and general corporate purposes.

In addition, in a concurrent private placement, Checkpoint will issue and sell Series A warrants to purchase up to 1.7 million shares, and Series B warrants to buy up to 1.7 million shares.

The series A warrants will expire five years following the issuance, whereas Series B warrants will expire 18 months. Both warrants have an exercise price of $3.35 per share and will be exercisable immediately upon issuance.

H.C. Wainwright & Co. is serving as exclusive placement agent for the offering.