other_material
confidence high
sentiment neutral
materiality 0.40
Titan Pharmaceuticals issues 416,000 common shares on conversion of preferred stock by two holders
TITAN PHARMACEUTICALS INC
- Sire Group converted 139,882 Series AA shares into 150,087 common shares at $0.466 conversion price.
- Blue Harbour converted 79,773 Series B shares into 265,913 common shares at $3.00 conversion price.
- Both issuances exempt under Section 4(a)(2); shares carry Rule 144 restrictive legend.
- Conversion limitations cap beneficial ownership at lower of Nasdaq max or 19.99% for each holder.
- Series AA and Series B preferred stock were originally sold for $9.5M and $1.0M respectively.
item 3.01item 9.01