Verastem raises up to $60M in Series B convertible preferred private placement; first $30M tranche closing Jan 27

Verastem, Inc.

First tranche: 1.2M shares of Series B convertible preferred at $25/share, gross proceeds $30M, closing Jan 27, 2023.
Second tranche up to 944,160 shares at $31.77/share, contingent on stock reaching $1.125 with $25M volume within 18 months, another $30M.
Each preferred share convertible into common at $0.5901/share (equivalent to 42.3657 common shares per preferred share).
Net proceeds for general corporate purposes including R&D, clinical trials, and working capital.
Certificate of Designation for Series B preferred filed with Delaware, granting liquidation preference, voting rights, and dividend participation.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Verastem, Inc.: Created Series B Convertible Preferred Stock via Certificate of Designation (effective 2023-01-24).

Change: charter amendment
Effective: 2023-01-24

Exact text from the filing

On January 24, 2023, the Company, filed the Certificate of Designation of the Preferences, Rights and Limitations of the Series B Convertible Preferred Stock of the Company (the “Certificate of Designation”) setting forth the preferences, rights and limitations of the Company’s newly designated Series B convertible preferred stock, par value $0.0001 per share (the “Preferred Stock”) with the Secretary of State of the State of Delaware.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Verastem, Inc. entered into Securities Purchase Agreement with certain purchasers identified on the signature pages thereto valued at approximately $30.0 million (effective 2023-01-24).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers identified on the signature pages thereto
Value: approximately $30.0 million
Effective: 2023-01-24

Exact text from the filing

On January 24, 2023, Verastem, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers identified on the signature pages thereto (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement (the “Private Placement”) up to 2,144,160 shares of its Series B convertible preferred stock

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Verastem, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-006382

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