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Assertio Seeks To Raise $14M Via Equity At 21% Discount From Thursday's Close

· 02/05/2021 07:04
  • Assertio Holdings Inc (NASDAQ: ASRT) has entered into a securities purchase agreement with certain institutional investors to purchase 22.6 million common shares at $0.62 per share in a registered direct offering, for gross proceeds of $14 million. The offer price represents a discount of 21% from the last close price of $0.78 on Thursday.
  • Net proceeds will be used for general corporate purposes, including general working capital.
  • Roth Capital Partners acted as the sole placement agent in connection with the offering. The offering is expected to close on February 9.
  • Yesterday, the Assertio revised its previously stated range for the restructuring cost to $11 million to $12.0 million from $8 million to $10 million on the account for additional non-cash charges relating to the write-off of certain office leases and furniture assets.
  • In addition to the above offering, the company is poised to receive $5 million by February 17, after ASRT settled a claim with its insurer, Navigators Specialty Insurance Co. and Navigators Insurance Co., over opioid lawsuits.
  • Price Action: ASRT shares are trading 11.5% lower at $0.69 in premarket trading on the last check Friday.