Titan Pharmaceuticals, Inc. announced on April 11, 2025, the completion of a private placement of its newly designated Series B Convertible Preferred Stock. Blue Harbour Asset Management L.L.C-FZ purchased 100,000 shares of this Preferred Stock for an aggregate purchase price of $1,000,000. This financing event provides a significant capital infusion for the company.
The shares have a conversion price of $3.00 and include a beneficial ownership conversion "blocker." This blocker prevents Blue Harbour from acquiring more than 19.99% of the company's outstanding common stock without shareholder approval, or the maximum percentage permissible under Nasdaq rules. The private placement was conducted in reliance on Regulation S of the Securities Act of 1933.
This capital raise is a critical step for Titan Pharmaceuticals, particularly in addressing its liquidity concerns and efforts to regain compliance with Nasdaq's minimum stockholders' equity requirement. The company's management had previously indicated that additional funding would be necessary to support operations.
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