Epicept files to sell $50 million of stock
This article was originally published in Scrip
Epicept has filed plans with the US SECto sell periodically up to $50 million of its common and preferred stock, convertible debt securities, warrants and units. The company expects to use revenue from any sale of its stock for general corporate purposes, including capital expenditures, working capital and the repayment or reduction of long- and short-term debt. Epicept regained compliance with the Nasdaq stock exchange in August, after a hearing panel agreed to continue the company's listing subject to its ability to maintain a market value of listed securities above $35 million for 10 consecutive trading days. However, Epicept must still regain compliance with the Nasdaq's marketplace rule 4310 (c) (4), which requires that the closing bid of the company’s common stock be a minimum of $1.00, before October 13th. The company's stock closed at $0.75 per share on October 8th.
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