On the trading floor, shares of AEterna Zentaris Inc. (USA) (NASDAQ:AEZS) dropped 3.87% to close at $0.077. The $15.16M company on September 21, 2015 announced that it has entered into definitive agreements with the holders (the “Consenting Holders”) of approximately 90% of its outstanding Series B Common Share Purchase Warrants (the “Series B Warrants”) that are intended to reduce the dilutive effect of the exercise of the Series B Warrants by establishing a cap on the number of shares issuable upon alternate net cashless exercise (“Net Cashless Exercise”) of the Series B Warrants until the close of business on November 17, 2015 and by limiting the number of shares that the Consenting Holders may sell until the close of business on October 9 , 2015. The Company was advised by Maxim Group LLC (“Maxim”) in its negotiations with the holders of the Series B Warrants. The effectiveness of the amendments to the Series B Warrants is subject to the approval of the Toronto Stock Exchange.
David A. Dodd, Chairman, President and Chief Executive Officer of the Company remarked regarding the agreements, “We believe that the agreements we reached with the Consenting Holders should temporarily reduce the selling pressure on our stock by limiting the additional dilution from the Net Cashless Exercise of Series B Warrants. We appreciate the willingness of our Series B Warrant holders to work with us on this important step toward a resolution of the issues confronting our capital structure. We also are grateful to Maxim for helping us to reach agreement with our Series B Warrant holders in an efficient manner.”
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