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PDS Biotechnology Corp liquidity funding program

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RNS Number : 3428H
NetScientific PLC
31 July 2019
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014

NetScientific plc

("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:

 

  NetScientific

  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)

Mo Noonan

Tel: +44 (0)78 7644 4977

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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