Kitov Pharmaceuticals Holdings shares plunged to a new record low after the company said it has entered into definitive agreements with institutional and other investors providing for the issuance of 2,431,746 American depositary shares (ADS) at $1.45 per ADS in a registered direct offering.
Kitov will issue unregistered warrants to purchase up to 1,215,873 ADSs. The warrants will have a term of 5 and a half years, and are exercisable six months following the issuance date, and have an exercise price of $1.50 per ADS. The offering is expected to result in gross proceeds of moer than $3.5 million. KTOV trades in a new 52-week range of $1.27 to $4.55.