Sichenzia Ross Ference Represents Pareteum Corporation in $40 Million Offering of Common Stock and Warrants
Press Release – New York, NY – September 27, 2019 – Nationally-recognized securities and corporate law firm Sichenzia Ross Ference LLP announced today that it represented Pareteum Corporation (Nasdaq: “TEUM”), global cloud software communications platform company, in an underwritten public offering of 18,852,273 Common Stock Units, each consisting of one share of TEUM’s common stock, one Series A Purchase Warrant to purchase one share of TEUM’s common stock, and one Series B Purchase Warrant to purchase one-half share of TEUM’s common stock, and 3,875,000 Pre-Funded Units, consisting of one pre-funded warrant to purchase one share of TEUM’s common stock together with one Series A Purchase Warrant to purchase one share of TEUM’s common stock and one Series B Purchase Warrant to purchase one-half share of TEUM’s common stock.
The shares of common stock and accompanying purchase warrants were sold together at a combined public offering price of $1.76 per unit, and the pre-funded warrants and accompanying purchase warrants were sold at a public offering price of $1.75 per unit with an exercise price of $0.01 per unit. The pre-funded warrants are exercisable immediately and may be exercised at any time until all of the pre-funded warrants are exercised in full. The Series A Purchase Warrants are exercisable six months after issuance, have an exercise price of $2.25 per share, and are exercisable for 5 years. The Series B Purchase Warrants are exercisable six months after issuance, have an exercise price of $1.84 per share, and are exercisable for eighteen months. The offering’s gross proceeds are approximately $40,000,000, before deducting placement agent fees and other expenses.
The Sichenzia Ross Ference LLP team was led by partners Darrin M. Ocasio and Avital Perlman, Counsel Jeffrey Cahlon and associate Grant Levine.
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