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Cyclacel Pharmaceuticals Inc | 6% Convertible Exchangeable Preferred Stock (CYCCP)
Prospectus excerpt: Xcyte Therapies, Inc. is offering 2,600,000 shares of 6% convertible exchangeable preferred stock, which is referred to in this prospectus as Ùconvertible preferred stock.ˆ Dividends will be cumulative from the date of original issue at the annual rate of 6% of the liquidation preference of the convertible preferred stock, payable quarterly on the first day of February, May, August and November, commencing February 1, 2005. Any dividends must be declared by board of directors and must come from funds that are legally available for dividend payments. You may convert each share of the convertible preferred stock into approximately 4.2553 shares of our common stock based on the initial conversion price of $2.35, subject to certain adjustments. Company may elect to automatically convert the convertible preferred stock into common stock if the closing price of common stock has exceeded $3.53 which is 150% of the conversion price of the convertible preferred stock, for at least 20 trading days during any 30-day trading period, ending within five trading days prior to notice of automatic conversion. If company elects to automatically convert, or you elect to voluntarily convert, some or all of the convertible preferred stock into common stock prior to November 3, 2007, company will make an additional payment on the convertible preferred stock equal to the aggregate amount of dividends that would have been payable on the convertible preferred stock through and including November 3, 2007, less any dividends already paid on the convertible preferred stock. Company may elect to redeem the convertible preferred stock on or after November 6, 2007 on the terms described in this prospectus. At company's option, they may exchange the convertible preferred stock in whole, but not in part, on any dividend payment date beginning on November 1, 2005 for 6% convertible subordinated debentures. If they elect to exchange the convertible preferred stock for debentures, the exchange rate will be $10 principal amount of debentures for each share of the convertible preferred stock. The debentures, if issued upon exchange of the convertible preferred stock, will mature 25 years after the exchange date and will have terms substantially similar to those of the preferred stock. The convertible preferred stock has no maturity date and no voting rights prior to conversion into common stock, except under limited circumstances. Full Prospectus PDF », Secondary Prospectus PDF », CYCC Page »
Redeemable?: | Yes | Call Date: | 11/6/2007 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | 4.2553 | Conversion Price: | $2.35 | Shares Offered: | 2,600,000 | Overallotment: | 390,000 | Liquidation Preference: | $10.00 | Recent Market Price: | $18.20 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $8.20 (82.00%) | Annualized Dividend: | 0.6 | Recent Ex-Date: | 1/19/2024 | Current Yield: | 3.30% | Original Coupon: | 6.00% | Pay Period: | Quarterly | Pay Dates: | 1-Feb, 1-May, 1-Aug, 1-Nov | CDx3 Compliance Rating: |
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Cyclacel Pharmaceuticals is a biopharmaceutical company engaged in developing cancer medicines based on cell cycle, transcriptional regulation and mitosis control biology. The transcriptional regulation program is evaluating fadraciclib, a Cyclin Dependent Kinase 2/9 (CDK2/9) inhibitor, in solid tumors and hematological malignancies. CDKs also provide pivotal functions in the regulation of transcription, DNA repair and metastatic spread. The anti-mitotic program is evaluating plogosertib, a polo-like kinase, or PLK inhibitor, in solid tumors and hematological malignancies. PLK1 is a serine/threonine kinase with a central role in cell division, or the mitotic phase of the cell cycle. Preferred: CYCCP Open the CYCC Information Page »
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