This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BioTime Announces Receipt Of $8 Million From Early Exercise Of Warrants

BioTime, Inc. (NYSE Amex: BTIM), a biotechnology company that develops and markets products in the field of human stem cells and regenerative medicine, today announced that it has received an additional $8 million from two investors. These two investors have elected to exercise early and in full, at a discounted exercise price, the stock purchase warrants that they had acquired under their May 2009 stock and warrant purchase agreements with BioTime. The two investors, Broadwood Partners L.P. and Mr. George Karfunkel, have each acquired 2,200,000 BioTime common shares by exercising 2,200,000 warrants at a discounted exercise price of $1.818 per share, representing a discount of $0.182 per share from the original warrant exercise price of $2.00. The discount of slightly less than 9% was offered to these investors by BioTime as an inducement for early exercise so as to enable the company to raise capital and accelerate the implementation of its business plans.

Discount Offer to Other Warrant Holders

BioTime intends to offer to all of the holders of its outstanding common share purchase warrants having an exercise price of $2.00 per share and an expiration date of October 31, 2010 the opportunity to exercise their warrants at the same discounted exercise price of $1.818 for a period of 60 days following the effective date of a registration statement that it plans to file soon with the Securities and Exchange Commission. BioTime presently has 7,574,801 of the warrants outstanding, most of which are presently listed on the NYSE Amex and trade under the symbol BTIM.WS. The warrants may not be exercised at the discounted price until the registration statement becomes effective. Before the registration statement becomes effective and after the discount offer expires, the warrants will be exercisable at the original exercise price of $2.00 per share. The new warrant discount offer will replace BioTime's previously-announced planned offer that would have allowed holders of its warrants to exercise up to 3,000,000 warrants at a price of $1.70 per share.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%
YHOO $42.51 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs