Lixte Biotechnology Holdings’ $5.7 Million Offering of Common Stock and Warrants

Sheppard Mullin advised WestPark Capital, Inc. and WallchBeth Capital LLC on the deal.

Lixte Biotechnology Holdings, Inc. (“Lixte” or the “Company”) (Nasdaq: Common stock – LIXT; Warrants – LIXTW), a drug discovery company that uses biomarker technology to identify enzyme targets associated with cancer and other serious common diseases and then designs novel compounds to attack those targets, announced that it closed a public offering of 1,200,000 units of securities at an offering price of $4.75 per unit for total gross proceeds of $5.7 million, before deducting underwriting discounts and commissions and other estimated offering expenses and before any exercise of the underwriters’ overallotment option. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $5.70 per share. In addition, Lixte has granted the underwriters a 45-day option to purchase up to 180,000 additional shares of the Company’s common stock and/or up to 180,000 additional warrants to purchase shares of the Company’s common stock, or any combination thereof, to cover overallotments, if any.

The shares and warrants were immediately separable, were issued separately, and began trading on The Nasdaq Capital Market on Wednesday, November 25, 2020, under the symbols “LIXT” and “LIXTW”, respectively.

WestPark Capital, Inc. and WallachBeth Capital, LLC acted as the joint book-running managers for the offering. TroyGould PC acted as the Company’s legal counsel and Sheppard, Mullin, Richter & Hampton, LLP acted as legal counsel for the joint book-running managers.

The Sheppard Mullin deal team was led by partners Richard Friedman (Picture) and Stephen Cohen and included associate Taylor Ashton. Special assistance was provided by partners Jing Liu and Allison Fulton and associate Paul Chang.

Involved fees earner: Taylor Ashton – Sheppard Mullin; Paul Chang – Sheppard Mullin; Stephen Cohen – Sheppard Mullin; Richard Friedman – Sheppard Mullin; Allison Fulton – Sheppard Mullin; Jing Liu – Sheppard Mullin;

Law Firms: Sheppard Mullin;

Clients: WallachBeth Capital, LLC; WestPark Capital, Inc.;


Author: Ambrogio Visconti