Navidea Biopharmaceuticals Announces Extension of Subscription Period to August 24, 2022 and Updated Terms of its Previously Announced Rights Offering
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) has extended its initial rights offering subscription period to 5:00 PM Eastern time on August 24, 2022. Each subscription right allows the purchase of one unit at $1,000, which includes one share of newly created Series I Convertible Preferred Stock convertible into common stock at $0.45 per share and a warrant for 2,222 shares of common stock with an exercise price of $0.50 per share. Maxim Group LLC is the dealer-manager for the offering.
- Extension of rights offering provides additional time for investors to subscribe.
- Structure of offering includes a low conversion price ($0.45) per common share, potentially attracting investors.
- Rights offering may indicate a need for additional capital, suggesting potential liquidity concerns.
- Existing shareholders may face dilution due to the issuance of new preferred stock.
All record holders of rights that wish to participate in the rights offering must deliver a properly completed and signed subscription rights certificate, together with payment of the full subscription price for the units the holder wishes to purchase pursuant to both the basic subscription right and the over-subscription privilege to the Subscription Agent, to be received before
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Navidea has engaged
The Company’s registration statement on Form S-1 (Registration No. 333-262691) was declared effective by the
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Navidea
Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements include our expectations, whether stated or implied, regarding our planned rights offering, financing plans and other future events. Words such as “will,” “may,” “could,” “should,” “plan,” “continue,” “designed,” “goal,” “forecast,” “future,” “believe,” “intend,” “expect,” “anticipate,” “estimate,” “project,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond our control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, among other things: our history of operating losses and ability to obtain additional financing; our ability to continue as a going concern; the final outcome of any pending litigation; our ability to successfully complete research and further development of our drug candidates; the timing, cost and uncertainty of obtaining regulatory approvals of our drug candidates; our ability to successfully commercialize our drug candidates; dependence on royalties and grant revenue; our ability to implement our growth strategy; anticipated trends in our business; our limited product line and distribution channels; advances in technologies and development of new competitive products; our ability to comply with the NYSE American continued listing standards; our ability to maintain effective internal control over financial reporting; the impact of the current coronavirus pandemic; and other risk factors detailed in our most recent Annual Report on Form 10-K and other
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Investor Relations Contact
Vice President of Operations
614-822-2365
jsmith@navidea.com
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