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Akorn sells newly issued stock for $2.5 million

Fri, 03/12/2010 - 3:17am
The Associated Press

Drugmaker Akorn Inc. said late Thursday it expects to sell newly issued stock to Serum Institute of India Ltd. for $2.5 million in proceeds.

Akorn said Serum will buy approximately 1.8 million new shares at a price of $1.36 per share. That represents a discount of about 14.5 percent to Thursday's closing price of $1.59. Serum also will have warrants to buy another 1.4 million shares at an exercise price of $1.78.

The warrants will be exercisable if Akorn stock trades over $2.22 for five consecutive days. If Serum buys the additional shares, Akorn said it would raise another $2.5 million.

Akorn stock has traded between 73 cents and $2 over the last year. The company had 90.4 million shares on the market as of Oct. 31.

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