Bridgewater-based Valeritas Holdings Inc. announced Friday a pricing of $36 million for its underwritten public offering, expected to close Nov. 20, subject to customary conditions.
At a public offering price of $0.48 per share, the offering includes 75 million shares of its common stock; series A warrants for 75 million shares of common stock with an exercise price of $0.60 per share, immediately exercisable and set to expire on the fifth anniversary of the date of issuance; and series B warrants to purchase 75 million shares of common stock, with an exercise price of $0.48 per share, also immediately exercisable, and set to expire on the nine-month anniversary of issuance.
The V-Go Wearable Insulin Delivery device maker says it plans to use net proceeds from the offering for working capital and other general use.
Common stock shares and accompanying warrants will be sold together, but issued separately. Both will be offered by the company.