One of NetScientific PLC’s (LON:NSCI) portfolio companies has agreed a funding deal to raise up to US$20mln.
PDS Biotechnology Corporation (Nasdaq:PDSB), in which NetScientific owns a 8.15% stake on a fully diluted basis, has agreed a liquidity funding programme with the Aspire Capital Fund, a Chicago-based, long-only investment fund.
All proceeds PDS receives are expected to be used for working capital and general corporate purposes.
This agreement sets out a plan where, on any trading day on which the price per share of PDS stock exceeds 50 US cents, PDS can direct Aspire to buy up to 100,000 shares per day.
In total, purchases will be made up to $20mln and up to a 19.99% stake.
All purchases will be made at a per share price equal to the lowest sale price of PDS stock common on the purchase date or the mean average of the three lowest closing sale prices during the ten preceding trading days.
Netscientific shares were up 10% to 7.97p on Wednesday morning.