Ovid Therapeutics Announces Pricing of $30 Million of Securities in Concurrent Public Offerings of Common and Preferred Stock

- February 20th, 2019

Ovid Therapeutics (NASDAQ:OVID) has announced the pricing of underwritten public offerings of 12.5 million shares of its common stock and 2,500 shares of its non-voting Series A Convertible Preferred Stock. As quoted in the press release: The public offering price of each share of common stock is $2.00 and the public offering price of each … Continued

Ovid Therapeutics (NASDAQ:OVID) has announced the pricing of underwritten public offerings of 12.5 million shares of its common stock and 2,500 shares of its non-voting Series A Convertible Preferred Stock.

As quoted in the press release:

The public offering price of each share of common stock is $2.00 and the public offering price of each share of Series A stock is $2,000.00. In addition, Ovid Therapeutics has granted the underwriters a 30-day option to purchase additional shares of common stock of up to 15% of the number of shares offered in the common stock offering. The Offerings are expected to close on February 22, 2019, subject to customary closing conditions.

Each share of non-voting Series A stock is convertible into 1,000 shares of common stock, provided that conversion will be prohibited, subject to certain exceptions, if, as a result, the holder and its affiliates would beneficially own more than 9.99% of the common stock then outstanding. In addition, upon written notice to Ovid Therapeutics, the holders may elect to increase or decrease such percentage limitation to any other number less than or equal to 19.99%.

Cowen and Company, LLC and William Blair & Company, L.L.C. are acting as joint book-running managers for the Offerings. JMP Securities LLC and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the Offerings.

Ovid Therapeutics expects to receive combined gross proceeds of $30 million from the Offerings, before deducting underwriting discounts and offering expenses. Ovid Therapeutics intends to use the net proceeds from the Offerings primarily to advance the clinical development of its OV101 and OV935 programs and the remainder of the net proceeds for working capital and general corporate purposes.

Click here to read the full press release.

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