CytRx Corp. said Wednesday that 6 million of its 7.5 millionclass A warrants, which expired on Monday, have beenconverted.
The Norcross, Ga., company also said that the underwriter of its1986 initial public offering exercised its remaining unitpurchase option for 100,000 units, priced at $6 per unit. Theunits consisted of three shares of common stock and three classA warrants. The class A warrants entitled the holder topurchase for $3.25 one share of common stock and one class Bwarrant.
CytRx, which is developing therapeutics incorporatingcopolymers, netted $18.9 million from the two transactions.
After the conversion, CytRx has 25.4 million shares of commonstock and 6 million class B warrants outstanding. The Bwarrants, which will be traded on NASDAQ under the symbol"CYTRZ," allow the holder to purchase one share of commonstock for $5 until Nov. 11, 1992.
CytRx units, symbol "CYTRU," and class A warrants, symbol"CYTRW," will no longer be traded.
The stock (NASDAQ:CYTR) closed at $4.13, up 31 cents.
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