Fortress Biotech raises $10M via public offering of 5.9M units at $1.70/unit

Fortress Biotech, Inc.

Sold 5,885,000 units at $1.70/unit, each consisting of one share common stock and one warrant (exercise $1.70, 5-year term).
Gross proceeds ~$10.0M; net proceeds for operations including R&D, clinical trials, manufacturing, working capital.
Directors and officers purchased ~$2.9M of units in the offering.
Warrants contain anti-dilution adjustment: if dilutive issuance below current exercise price, exercise price reduces to that lower price (one-time).
Offering closed November 14, 2023; Roth Capital acted as exclusive placement agent.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Fortress Biotech, Inc. entered into Securities Purchase Agreement with the purchasers party thereto valued at approximately $10.0 million (effective 2023-11-10).

Action: entry
Agreement: equity purchase
Counterparty: the purchasers party thereto
Value: approximately $10.0 million
Effective: 2023-11-10

Exact text from the filing

a Securities Purchase Agreement (the “ Securities Purchase Agreement ”), dated November 10, 2023, between the Company and the purchasers party thereto.

View on SEC.gov

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

Fortress Biotech, Inc. entered into Placement Agent Agreement with Roth Capital Partners, LLC valued at 7.0% of the aggregate gross proceeds (effective 2023-11-10).

Action: entry
Agreement: underwriting
Counterparty: Roth Capital Partners, LLC
Value: 7.0% of the aggregate gross proceeds
Effective: 2023-11-10

Exact text from the filing

a Placement Agent Agreement, dated as of November 10, 2023, between the Company and Roth (the “ Placement Agent Agreement ”).

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

Fortress Biotech, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-118092

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