Adamis Prices 3.72 Mln Shares Underwritten Public Offering At $5.95/share

(RTTNews) - Adamis Pharmaceuticals Corporation (ADMP), Friday announced the pricing of an underwritten public offering of 3.72 million common shares a $5.95 per share, which is expected to close on December 18. Adamis has granted the underwriters a 30-day option to purchase up to a maximum of 558,000 additional common shares. The gross proceeds are expected to be about $22.13 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

In connection with the offering, Adamis has completed a 1-for-17 reverse stock split of its common shares which is effective as of today. The common shares began trading, on a split-adjusted basis, on the Nasdaq under the symbol "ADMP" on December 13. The company's common stock will cease trading on the OTC QB.

CRT Capital Group, LLC is acting as sole book-running manager for the offering, and Newport Coast Securities, Inc. is acting as co-manager of the offering. Adamis intends to use about $7 million of the proceeds to make the final payment to acquire the assets relating to the Taper dry powder inhaler technology pursuant to an agreement that the company entered into earlier this year. An additional approximately $7.2 million of the net proceeds are also expected to be used to pay in full all amounts owed under unconverted convertible promissory notes that were issued in a private placement financing transaction in June 2013. Remaining net proceeds are expected to be used to fund the filing and launch of the Epinephrine PFS product candidate, fund clinical trials, and for working capital and general corporate purposes, including payment of outstanding obligations and indebtedness.