Delcath Systems Inc., of New York, entered a definitive agreement for gross proceeds of approximately $20 million at a combined price of $1,000 per unit. Each unit consists of one preferred share initially convertible into 16,667 shares of common stock at an initial conversion price of $0.06 per share and a common stock purchase warrant. Each whole warrant entitles the holder to purchase one share of common stock at an initial exercise price of $0.06 for a period of five years from the date of the company's anticipated reverse stock split. The company expects to receive net proceeds of approximately $18.35 million. The offering is expected to close July 15.
Sc Health Corp., of New York, reported the pricing of its IPO and committed capital raise of up to $222.5 million in the aggregate, comprised of a $150 million IPO – up to $172.5 million if the underwriters exercise their over-allotment option in full – plus $50 million in committed capital to complete an initial business combination. The IPO consists of 15 million units priced at $10 per unit. Sc Health has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the IPO price to cover over-allotments, if any. The units began trading under the ticker symbol SCPE.U July 12. Each unit consists of one class A ordinary share and one-half of one redeemable warrant, with each warrant entitling the holder to purchase one class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols SCPE and SCPE WS, respectively. The IPO is expected to close July 16. Sc Health intends to use the net proceeds of the IPO and forward purchase agreement for an initial business combination, with a target with operations or prospects in the health care sector in the Asia-Pacific region.