Celsion to Sell Shares in Registered Direct Offering

Celsion said Monday morning it agreed with several institutional investors to sell an aggregate of approximately 2 million shares of common stock, or pre-funded warrants in lieu thereof, in a registered direct offering at $2.75 per share. Shares were trading more than 22% lower. Additionally, the investors will receive, for each share of common stock or pre-funded warrant purchased in the registered direct offering, a series AAA warrant to purchase one share of common stock and a series BBB warrant to purchase one share of common stock.

The series AAA warrants have an exercise price of $2.75 per share, are initially exercisable six months following issuance, and terminate five-and-one-half years following issuance. The series BBB warrants have an exercise price of $8.00 per share, are immediately exercisable, and terminate one year following issuance.

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