Navidea Biopharmaceuticals Announces Extension of Subscription Period to August 24, 2022 and Updated Terms of its Previously Announced Rights Offering
18 August 2022 - 10:26PM
Business Wire
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB)
(“Navidea” or the “Company”), a company focused on the development
of precision immunodiagnostic agents and immunotherapeutics,
announced today that it has extended the initial rights offering
subscription period until 5:00 PM Eastern time on Wednesday, August
24, 2022 and has updated certain pricing information for its rights
offering. Each subscription right will entitle the holder to
purchase one unit, at a subscription price of $1,000 per unit,
consisting of one (1) share of the Company’s newly created Series I
Convertible Preferred Stock with a face value of $1,000 (and
immediately convertible into shares of Navidea’s common stock at a
conversion price of $0.45 per share) and one (1) warrant to
purchase 2,222 shares of Navidea’s common stock with an exercise
price of $0.50 per share. The warrants will be exercisable for 5
years after the date of issuance.
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 5:00 PM Eastern Time on August 24, 2022. The
completed rights certificate and payment should be delivered to the
Subscription Agent as follows:
By Mail:
By Courier:
Broadridge Corporate Issuer Solutions,
Inc.
Broadridge Corporate Issuer Solutions,
Inc.
Attn: BCIS Re-Organization Dept.
Attn: BCIS IWS
P.O. Box 1317
51 Mercedes Way
Brentwood, NY 11717-0718
Edgewood, NY 11717
Navidea has engaged Maxim Group LLC as dealer-manager for the
proposed rights offering. Questions about the rights offering or
requests for copies of the final prospectus and prospectus
supplement, when available, may be directed to Maxim Group LLC at
300 Park Avenue, New York, NY 10022, Attention Syndicate
Department, or via email at syndicate@maximgrp.com or telephone at
(212) 895-3745.
The Company’s registration statement on Form S-1 (Registration
No. 333-262691) was declared effective by the Securities and
Exchange Commission (“SEC”) on August 3, 2022. The prospectus and
prospectus supplement dated August 18, 2022 relating to and
describing the terms of the rights offering have been filed with
the SEC as a part of the registration statement and are available
on the SEC's web site at http://www.sec.gov. Copies of the final
prospectus and prospectus supplement for the rights offering may be
obtained, when available, from Maxim Group LLC, 300 Park Avenue,
New York, NY 10022, Attention Syndicate Department, email:
syndicate@maximgrp.com or telephone (212) 895-3745.
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
Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) is a
biopharmaceutical company focused on the development of precision
immunodiagnostic agents and immunotherapeutics. Navidea is
developing multiple precision-targeted products based on its
Manocept platform to enhance patient care by identifying the sites
and pathways of disease and enable better diagnostic accuracy,
clinical decision-making, and targeted treatment. Navidea’s
Manocept platform is predicated on the ability to specifically
target the CD206 mannose receptor expressed on activated
macrophages. The Manocept platform serves as the molecular backbone
of Tc99m tilmanocept, the first product developed and
commercialized by Navidea based on the platform. Navidea’s strategy
is to deliver superior growth and shareholder return by bringing to
market novel products and advancing the Company’s pipeline through
global partnering and commercialization efforts. For more
information, please visit www.navidea.com.
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 SEC filings. We
undertake no obligation to update publicly or revise any
forward-looking statements in this release, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220818005418/en/
Investor Relations Contact Navidea Biopharmaceuticals,
Inc. Jeffrey Smith Vice President of Operations 614-822-2365
jsmith@navidea.com
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