Titan Pharmaceuticals Secures $600,000 Funding Through Stock Placement
Titan Pharmaceuticals Completes $600,000 Stock Placement
Titan Pharmaceuticals, Inc. (NASDAQ: TTNP) has successfully executed a private placement of its newly appointed Series C Convertible Preferred Stock, demonstrating its commitment to expanding its financial foundation. This agreement, made with Blue Harbour Asset Management L.L.C-FZ, includes the sale of 60,000 shares for an estimated $600,000.
Key Details of the Private Placement
Under the terms of the purchase agreement, the shares were sold at a conversion price of $3.40. The Certificate of Designations emphasizes a beneficial ownership conversion "blocker" that restricts Blue Harbour from acquiring more than a specified percentage of the company's outstanding common stock without shareholder consent, ensuring compliance with Nasdaq regulations.
Registration Rights Agreement
To strengthen the arrangement, a registration rights agreement was concurrently established, providing critical provisions for future stock registration. Titan Pharmaceuticals commits to fulfilling specific registration rights as certain conditions arise, enhancing potential investors' reassurance regarding their investment.
Expert Guidance Throughout the Process
ARC Group Ltd. played a pivotal role as the sole financial advisor during this private placement. Their involvement ensured that Titan Pharmaceuticals received expert guidance through this important financial step, aiding in the seamless execution of the transaction.
Importance of This Fundraising
This private placement is a significant move for Titan Pharmaceuticals. The funds acquired will support the Company's operational expenses and bolster its future development programs. Such funding is essential for maintaining momentum in innovation and exploration of new market opportunities.
Future Prospects for Titan Pharmaceuticals
As Titan Pharmaceuticals continues to navigate the complexities of the pharmaceutical industry, strategic financial decisions like this play a crucial role in its survival and growth. Investors are encouraged by the proactive measures taken to ensure the company's financial health and commitment to developing its product pipeline.
Media and Investor Inquiries
For inquiries, Chay Weei Jye, the Chief Executive Officer, can be reached at (786) 769-7512, fostering open communication between the company and its stakeholders.
Frequently Asked Questions
What is the value of the private placement completed by Titan Pharmaceuticals?
The private placement amounted to $600,000, representing a strategic financing initiative by Titan Pharmaceuticals.
Who was involved in the private placement?
Blue Harbour Asset Management L.L.C-FZ was the primary investor in this private placement, purchasing 60,000 shares of Series C Convertible Preferred Stock.
What restrictions are applied to the ownership of the shares?
The shares have a beneficial ownership conversion blocker, limiting Blue Harbour's ability to acquire a significant percentage of Titan's common stock without prior approval.
How will Titan use the funds from this placement?
The funds raised will be directed towards operational expenses and further development of Titan's product pipeline, enhancing future growth opportunities.
Who can investors contact for more information?
Investors can reach out to Chay Weei Jye, the Chief Executive Officer, at (786) 769-7512 for any inquiries related to this funding or the company in general.
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