LAKE FOREST, Ill., Feb. 10, 2021 (GLOBE NEWSWIRE) — Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) today announced it has entered into a securities purchase agreement with certain institutional investors to purchase 35,000,000 shares of its common stock at a price of $0.98 per share, which is a premium to market based on applicable Nasdaq “minimum price” rules.
Roth Capital Partners acted as the sole placement agent in connection with the offering.
The registered direct offering is expected to close on February 12, 2021, subject to customary closing conditions. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $34.3 million before deducting the placement agent’s fees and other estimated offering expenses.
The Company intends to use proceeds from the offering for general corporate purposes, including general working capital.
The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-252368), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 4, 2021. The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the registered direct offering, when available, may be obtained by contacting Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, Attn: Prospectus Department, telephone: 800-678-9147.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Assertio is a leading commercial pharmaceutical company bringing differentiated products to patients. The Company has a robust portfolio of branded prescription products in three areas: neurology, hospital and pain and inflammation. Assertio has grown through business development including licensing, mergers and acquisitions.
Statements in this communication that are not historical facts are forward-looking statements that reflect Assertio’s current expectations, assumptions and estimates of future performance and economic conditions. These forward-looking statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, future events or the future performance or operations of Assertio. All statements other than historical facts may be forward-looking statements and can be identified by words such as “anticipate,” “believe,” “could,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “would,” “will,” “aim” or other similar expressions that convey the uncertainty of future events or outcomes are used to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Assertio.
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to the offering. These risks are more fully described in the joint proxy statement/prospectus filed with the SEC in connection with the Merger, Assertio’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC, the prospectus supplement relating to the offering and in other filings Assertio makes with the SEC from time to time. Investors and potential investors are urged not to place undue reliance on forward-looking statements in this communication, which speak only as of this date. While Assertio may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking-statements contained in this press release whether as a result of new information or future events, except as may be required by applicable law. Nothing contained herein constitutes or will be deemed to constitute a forecast, projection or estimate of the future financial performance or expected results of Assertio.
SOURCE Assertio Holdings, Inc.