Pavmed Inc. (NSDQ:PAVM) said last week it plans to extend its previously announced offering to exchange two Series W warrants for a single Series Z warrant.
The offering from the New York-based company is now extended through to April 2, having previously been set to close today at midnight, according to a press release.
Pavmed offered Series W warrants during its initial public offering and during private placements prior to the initial public offering, according to a press release.
The Series W warrants are exercisable for a single share of common stock at a price of $5 per share until January 29, 2022, redeemable at the company’s discretion if shares trade at above $10 per share. Series Z warrants are exercisable for a single share of common stock at $3.00 a piece until April 30, 2024, the company said in a press release.
In an earlier release, Pavmed noted that if all W warrants are exchanged as part of its latest offer, the company’s common stock will be cut by 5,283,992 shares.
In January, Pavmed said it had raised $3.9 million in a public offering, with funds slated to support working capital and for general corporate purposes.
The company sold 2.4 million shares of its common stock at $1.80 apiece in the offering, which also included a 45-day option for underwriters to buy an additional 362,292 shares of common stock to cover over-allotments.
