Quotient has entered into agreements to issue to certain subscribers 2,000,000 ordinary shares at $9.50 per share and 850,000 pre-funded warrants at $9.49 per warrant, exercisable for up to 850,000 ordinary shares at $0.01 per ordinary share.
The aggregate gross proceeds of the private placement are expected to be approximately $27 million.
Quotient intends to use the net proceeds from the financing for general corporate purposes, including to fund the development costs for MosaiQ.
Subject to the satisfaction of customary closing conditions, the private placement is expected to close on or about November 28, 2014.
The ordinary shares and warrants issued in the private placement, and the ordinary shares issuable upon exercise of the warrants, have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.
The ordinary shares and warrants were offered only to a limited number of accredited investors.
Quotient has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the ordinary shares issued in the private placement and the ordinary shares issuable upon exercise of the warrants.
For further deal information visit Current Agreements (subscription required)
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