PDS Biotechnology Corp liquidity funding program
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
("NetScientific" or the "Company")
PDS Biotechnology Corporation liquidity funding program
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP commercialisation group, announces that its portfolio company PDS Biotechnology Corporation ("PDS") (Nasdaq:PDSB) has announced a liquidity funding program with Aspire Capital Fund, LLC ("Aspire"), an Illinois limited liability company, which has committed to purchase up to an aggregate of $20.0 million of shares of PDS common stock over the 30-month term of the Purchase Agreement dated 29 July 2019.
The liquidity funding program broadly provides that, on any trading day on which the price per share of PDS common stock exceeds US$0.50, selected by PDS at it sole discretion, that PDS can present Aspire with a purchase notice directing Aspire to purchase up to 100,000 shares of PDS' common stock per business day (i) up to $20.0 million of the PDS' common stock in aggregate and (ii) provided that Aspire's aggregate interest in PDS does not exceed 19.99% of PDS' issued common stock.
Such purchases shall be carried out at a per share price equal to the lesser of the lowest sale price of the PDS' common stock on the purchase date; or the arithmetic average of the three lowest closing sale prices for PDS' common stock during the ten consecutive trading days ending on the trading day immediately preceding the purchase date.
Any proceeds PDS receives are expected to be used for working capital and general corporate purposes.
NetScientific holds 8.15% of PDS on a fully diluted basis.
The full details of the program can be found here: http://investors.pdsbiotech.com/financial-information/sec-filings
For more information, please contact:
Ian Postlethwaite, CEO / CFO
Tel: +44 (0)20 3514 1800
WHIreland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Jessica Cave
Tel: +44 (0)20 7220 1666
MO PR ADVISORY (Press Contact)
Tel: +44 (0)78 7644 4977
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