secwatch.observer — SEC 8-K summary
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Issuer:     Verastem, Inc. (VSTM)
CIK:        0001526119
Form:       8-K
Filed at:   2023-01-25T23:59:59+00:00
Accession:  0001104659-23-006382
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1526119/000110465923006382/0001104659-23-006382-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1526119/000110465923006382/tm234327d2_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-006382

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer