Curaxis Pharmaceutical Corp. has entered into a $25 million equity credit agreement withSouthbridge Partners II.
Southbridge agreed to purchase up to $25 million worth of common stock over the next 36 months at a price equal to 95% of the average of the three lowest closing bids during a five trading-day period.
The issuance amount is equal to 23.2% of the company's $107.8 million market cap, calculated using the closing price of $1.50 from the day before the offering.
The stock traded at $1.59 this morning.
Curaxis went public in a reverse merger in July with the assistance of Manalapan, N.J.-based law firm Anslow & Jaclin.
Filing: 8-K
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