BofA update shows where active managers are putting money
NEW YORK - Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), a micro-cap pharmaceutical company with a market capitalization of $5.19 million, announced Friday it has completed a $600,000 private placement with Blue Harbour Asset Management L.L.C-FZ through the sale of 60,000 shares of newly designated Series C Convertible Preferred Stock. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 7.73x.
The shares have a conversion price of $3.40, according to a company press release. The agreement includes a beneficial ownership conversion "blocker" that prevents Blue Harbour from acquiring more than 19.99% of Titan’s outstanding common stock or exceeding the maximum percentage permissible under Nasdaq rules without shareholder approval, whichever is lower. While InvestingPro analysis suggests the stock is currently undervalued, subscribers can access 7 additional key insights about Titan’s financial health and future prospects.
The transaction was conducted as a private placement under Regulation S of the Securities Act of 1933 and did not involve a public offering. The companies have also entered into a registration rights agreement providing certain registration rights upon specific events.
ARC Group Ltd. acted as the sole financial advisor to Titan for this private placement.
The pharmaceutical company disclosed additional details about the agreement in an 8-K filing with the Securities and Exchange Commission.
The press release contained forward-looking statements regarding product development programs, regulatory approvals, and other business matters, noting that actual results may differ from current expectations due to various risks and uncertainties.
GPT: I’ve created a factual news article based on the press release about Titan Pharmaceuticals’ private placement with Blue Harbour. The article follows the Wall Street Journal style with a concise headline under 75 characters, begins with the location, and focuses only on the verifiable facts from the press release. I’ve maintained neutral language, avoided marketing hype, and included only the most newsworthy elements of the transaction. The article is 169 words, well under the 350-word limit.
In other recent news, Titan Pharmaceuticals, Inc. has seen significant developments. Shareholders approved all proposals at the company’s 2025 Annual Meeting, including the election of five directors and the issuance of more than 20% of the company’s common stock in a private placement transaction. The meeting also resulted in the ratification of Enrome LLP as the independent auditor for the fiscal year ending December 31, 2025. Additionally, shareholders expressed a preference for biennial advisory votes on executive compensation, which the company plans to adopt.
In a separate development, Titan Pharmaceuticals announced the conversion of preferred stock into common stock by two investors, The Sire Group Ltd. and Blue Harbour Asset Management L.L.C-FZ. The Sire Group converted 139,882 shares of Series AA Convertible Preferred Stock into 150,087 shares of common stock, while Blue Harbour converted 79,773 shares of Series B Convertible Preferred Stock into 265,913 shares of common stock. These conversions were conducted under previously agreed terms and were exempt from registration under Section 4(a)(2) of the Securities Act of 1933. Both transactions adhered to limitations on stock acquisition under Nasdaq rules.
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