Fortress Biotech prices $13.9M registered direct equity offering; warrants tied to subsidiary stakes

Fortress Biotech, Inc.

Issued 16.6M shares at $0.835/share for gross proceeds of ~$13.9M.
Directors and officers purchased ~$3.3M of shares at same price, a premium to last close.
Concurrent private placement grants rights to acquire ~3.5% equity in up to 20 new subsidiaries contingent on future deals.
Contingent subsidiary securities exercisable for 10 years at FMV of subsidiary shares at time of trigger.
Offering expected to close Feb 10, 2023; proceeds for working capital.

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 several institutional and accredited investors (effective 2023-02-07).

Action: entry
Agreement: equity purchase
Counterparty: several institutional and accredited investors
Effective: 2023-02-07

Exact text from the filing

On February 7, 2023, Fortress Biotech, Inc. (the “ Company ”) entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) with each of several institutional and accredited investors (the “ Purchasers ”), pursuant to which the Company agreed to issue and sell an aggregate of 16,642,894 shares (the “ Shares ”) of common stock of the Company

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 0001558370-23-001085

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.