SAN DIEGO -- Lidak Pharmaceuticals Inc. said Wednesday itfiled with the federal Securities and Exchange Commission ashelf registration for the sale of 9.1 million common shares thatcould be sold on behalf of investors from two privateplacements.
Lidak (NASDAQ:LDAKA) would receive no proceeds from thesale of stock in such a potential offering, which could increaseby up to 44 percent the number of Lidak class A commonshares outstanding
The potential sellers in an offering "have not entered into anyunderwriting arrangements at this time," according to astatement from the company. By making the SEC filing, "we'refulfilling an obligation to those investors," said Michael A.Lorber, Lidak's chief financial officer.
The two private placements, completed in July 1991 and lastFebruary, raised $4.9 million from 66 investors. They now holdconvertible series B preferred stock, three classes of warrantsand a preferred stock unit option, all of which potentially couldbe converted into Lidak class A common stock.
Exercise prices on the various warrants and preferredconversions range from 20 cents to $1.50 a share, Lorber said.The company now has outstanding 11.8 million class A commonshares and 4.7 million series B preferred shares
Lidak's common stock closed Wednesday at $1.25 a share,down 6 cents for the day.
Separately, Fred Espinosa, a family member of former Lidakpresident and chief operating officer, disclosed in an SEC filingthis week that he plans to sell 50,000 shares of Lidak stock.
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