The shares of AMDL common stock were sold at $3.09 per share and the four-year warrants included in the units are exercisable at $4.74 per share. Warrants to purchase an additional 200,751 shares were issued to AMDL’s placement agents at the same exercise price.
Gary Dreher, president of AMDL, said: “The reception to the offering was gratifying under the current economic climate. These funds provide some of the additional working capital we need to expand Jade Pharmaceutical’s new business opportunities and product development efforts in China and for our other general working capital needs.”