Pavmed Inc. (NSDQ:PAVM) today reported the preliminary results of its offer to exchange two Series W warrants for a single Z warrant.
Approximately 10,151,682 Series W warrants were tendered and not withdrawn, which represents 96.4% of outstanding Series W warrants, the New York-based company said.
Pavmed plans to accept all 10.2 million of the Series W warrants and, in exchange, to issue 5,075,841 Series Z warrants.
Last month, the company announced that it would extend the warrant exchange offering, which was initially set to close on March 19 at midnight. Instead, the offering closed on April 2.
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 were 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 were exercisable for a single share of common stock at $3.00 a piece until April 30, 2024, the company said in a press release.
