Growth Capitalist (https://growthcapitalist.com/author/moriarty/page/158/)
Pretium Resources Inc. (PVG) announced that it has raised $14,225,187 in a Common Stock - Flow Through transaction. The common stock was sold at $7.28 per share, an approximate 5% premium to the market price ($6.92) of PVG at deal announcement. BMO Capital Markets Corp. acted as Lead Agent on the transaction. The transaction closed on March 06, 2014.
Plug Power, Inc. (PLUG) announced that it has raised $22,400,006 in a Registered Direct transaction. The common stock was sold at $5.74 per share, an approximate 15% discount to the market price ($6.75) of PLUG at deal announcement. Cowen and Company, LLC acted as Underwriter on the transaction. Underwriter counsel was Lowenstein Sandler, PC and issuer counsel was Goodwin Procter, LLP. Note this Placement is subject to customary closing conditions and is expected to close by 03/11/2014.
ANI Pharmaceuticals, Inc. (ANIP) announced that it has raised $43,478,275 in a CMPO/Overnight transaction. The common stock was sold at $31.00 per share, an approximate 4% discount to the market price ($32.42) of ANIP at deal announcement. Oppenheimer & Co. Inc. and Roth Capital Partners, LLC acted as Joint Book-Running Managers on the transaction. Underwriter counsel was Goodwin Procter, LLP and issuer counsel was Dentons US LLP.
The SEC has won a $19M default judgment against the chairman and chief executive officer of China MediaExpress Holdings (CCME). The formerly Nasdaq-listed China-based company was itself recently found liable for $49M in disgorgement and penalties relating to a “scheme to mislead and defraud investors by, among other things, grossly overstating China Media’s cash balances.”
At the time, the company claimed to have over $170 million in cash deposits, when the actual cash held by the company was just $10 million. The misleading financial information led to a tripling of the company’s stock price, allowing it to raise more than $53 million from investors – most notably a fund led by AIG’s former chairman Hank Greenberg – via equity private placements. The CEO, Zheng Cheng, was also found guilty of knowingly signing off on the financial representations in SEC filings, and of offering $1.5 million to bribe an investigator sent by its external auditor to verify the company’s bank records.
