Synthetic Biologics Announces $3 Million Private Placement of Convertible Preferred Stock
ROCKVILLE, Md., July 29, 2022 (GLOBE NEWSWIRE) -- Synthetic Biologics, Inc.. (NYSE American: SYN) (Synthetic Biologics or the Company), a diversified clinical-stage company developing therapeutics designed to treat diseases in areas of high unmet need, today announced the private placement of 275,000 shares of Series C convertible preferred stock and 100,000 shares of Series D convertible preferred stock.
- ROCKVILLE, Md., July 29, 2022 (GLOBE NEWSWIRE) -- Synthetic Biologics, Inc.. (NYSE American: SYN) (Synthetic Biologics or the Company), a diversified clinical-stage company developing therapeutics designed to treat diseases in areas of high unmet need, today announced the private placement of 275,000 shares of Series C convertible preferred stock and 100,000 shares of Series D convertible preferred stock.
- Each share of Series C and Series D preferred stock has a purchase price of $8.00.
- Each share of Series C and Series D preferred stock is convertible into shares of the Companys common stock at an initial conversion price of $1.22 per share.
- The Series D preferred stock permits the holder to cast 20,000 votes per share of Series D preferred stock on such proposals, provided, that such votes must be cast in the same proportions as the shares of common stock and Series C preferred stock are voted on such proposals.