[Correction: This article corrects a previous version that mistakenly referred to British pounds as cents.]
Midatech Pharma (NASDAQ:MTP) news for Friday includes talk from the company about reselling shares pushing MTP stock higher.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Midatech Pharma has registered to resell 12,695,445 ordinary shares. The resale of shares comes from a series of warrants held by investors in the company.
The first set of warrants is for 3.15 million shares of MTP stock represented by 630,000 American Depositary Shares (ADS) valued at $6.25 each. The second covers roughly 9.55 million shares of stock from 1.82 million ADS at $2.05 each. Finally, the last one is for 454,549 shares from 90,909 ADS at $2.0625 each.
While these warrants are from previous offerings, the Midatech Pharma news also notes that another set of warrants are exercisable at the time of filing this registration with the SEC. That includes 3.21 million shares exercisable at 0.34 GBP.
It’s worth pointing out that this filing allows all holders of these warrants and shares to resell them publicly. The company doesn’t profit from these sales. However, it will receive funds when the warrants are exercised by their holders.
Midatech Pharma is a bio-drug company that focuses on developing treatments for rare forms of cancer. It was founded back in 2000 and has been developing several drugs over the years for approval and commercialization.
MTP stock was up 56.4% as of Friday afternoon but is down 47.9% since the start of the year as of Thursday’s closing.
As of this writing, William White did not hold a position in any of the aforementioned securities.