Plus Therapeutics Announces Comprehensive Restructuring of $15 Million March 2025 Equity Financing
Plus Therapeutics (Nasdaq: PSTV), a clinical-stage pharmaceutical company focused on CNS cancer treatments, has announced a major restructuring of its $15 million March 2025 equity financing. The restructuring eliminates potential dilution of up to 1.5 billion shares of common stock.
Key restructuring elements include: cancellation of warrants that could have issued 1.51 billion shares, leaving ~36 million shares issuable through amended Series B Warrants at 1:1 ratio; cancellation of ~25 million common shares or pre-funded warrants; and a provision requiring 90% of future capital raised after July 1, 2025, to repay holders at 115% of the original $0.66 per share price. The company has also filed to withdraw the related resale registration statement with the SEC.
Plus Therapeutics (Nasdaq: PSTV), un'azienda farmaceutica in fase clinica specializzata in trattamenti per il cancro del sistema nervoso centrale, ha annunciato una ristrutturazione significativa del suo finanziamento azionario da 15 milioni di dollari previsto per marzo 2025. Questa ristrutturazione elimina la potenziale diluizione fino a 1,5 miliardi di azioni ordinarie.
Gli elementi chiave della ristrutturazione includono: l'annullamento dei warrant che avrebbero potuto emettere 1,51 miliardi di azioni, lasciando circa 36 milioni di azioni emettibili tramite warrant Serie B modificati con un rapporto 1:1; l'annullamento di circa 25 milioni di azioni ordinarie o warrant pre-finanziati; e una clausola che richiede che il 90% dei capitali futuri raccolti dopo il 1° luglio 2025 venga utilizzato per rimborsare i detentori al 115% del prezzo originale di 0,66 dollari per azione. Inoltre, la società ha presentato una richiesta per ritirare la relativa dichiarazione di registrazione per la rivendita presso la SEC.
Plus Therapeutics (Nasdaq: PSTV), una empresa farmacéutica en etapa clínica centrada en tratamientos para el cáncer del sistema nervioso central, ha anunciado una reestructuración importante de su financiamiento de capital de 15 millones de dólares previsto para marzo de 2025. La reestructuración elimina una posible dilución de hasta 1.5 mil millones de acciones comunes.
Los elementos clave de la reestructuración incluyen: la cancelación de warrants que podrían haber emitido 1.51 mil millones de acciones, dejando aproximadamente 36 millones de acciones emitibles mediante warrants de la Serie B enmendados con una proporción de 1:1; la cancelación de aproximadamente 25 millones de acciones comunes o warrants prefinanciados; y una disposición que requiere que el 90% del capital futuro recaudado después del 1 de julio de 2025 se utilice para reembolsar a los tenedores al 115% del precio original de 0.66 dólares por acción. Además, la compañía ha presentado una solicitud para retirar la declaración de registro de reventa relacionada ante la SEC.
Plus Therapeutics (나스닥: PSTV)는 중추신경계 암 치료에 중점을 둔 임상 단계 제약사로, 2025년 3월 만기 1,500만 달러 규모의 주식 자금 조달에 대한 대대적인 구조조정을 발표했습니다. 이번 구조조정으로 최대 15억 주에 달하는 보통주 희석 가능성이 제거되었습니다.
구조조정의 주요 내용은 다음과 같습니다: 15억 1천만 주를 발행할 수 있었던 워런트 취소, 수정된 시리즈 B 워런트를 통해 약 3,600만 주가 1:1 비율로 발행 가능; 약 2,500만 주의 보통주 또는 선지급 워런트 취소; 그리고 2025년 7월 1일 이후 조달되는 미래 자본의 90%를 원래 주당 0.66달러 가격의 115%로 보유자에게 상환해야 하는 조항 포함. 또한 회사는 관련 재판매 등록 신고서를 SEC에 철회 신청했습니다.
Plus Therapeutics (Nasdaq : PSTV), une société pharmaceutique en phase clinique spécialisée dans les traitements du cancer du système nerveux central, a annoncé une restructuration majeure de son financement en actions de 15 millions de dollars prévu pour mars 2025. Cette restructuration élimine une dilution potentielle pouvant atteindre 1,5 milliard d’actions ordinaires.
Les éléments clés de la restructuration comprennent : l’annulation des bons de souscription qui auraient pu émettre 1,51 milliard d’actions, ne laissant qu’environ 36 millions d’actions pouvant être émises via des bons de souscription de la série B modifiés à un ratio de 1:1 ; l’annulation d’environ 25 millions d’actions ordinaires ou de bons de souscription préfinancés ; et une clause exigeant que 90 % des capitaux futurs levés après le 1er juillet 2025 soient utilisés pour rembourser les détenteurs à 115 % du prix initial de 0,66 $ par action. La société a également déposé une demande de retrait de la déclaration d’enregistrement de revente correspondante auprès de la SEC.
Plus Therapeutics (Nasdaq: PSTV), ein pharmazeutisches Unternehmen in der klinischen Entwicklungsphase mit Schwerpunkt auf CNS-Krebsbehandlungen, hat eine wesentliche Umstrukturierung seiner 15 Millionen US-Dollar Eigenkapitalfinanzierung bis März 2025 angekündigt. Die Umstrukturierung beseitigt eine potenzielle Verwässerung von bis zu 1,5 Milliarden Stammaktien.
Wesentliche Elemente der Umstrukturierung sind: die Stornierung von Warrants, die 1,51 Milliarden Aktien hätten ausgeben können, wodurch etwa 36 Millionen Aktien über geänderte Series B Warrants im Verhältnis 1:1 ausgebbar bleiben; die Stornierung von rund 25 Millionen Stammaktien oder vorfinanzierten Warrants; sowie eine Bestimmung, die verlangt, dass 90 % des nach dem 1. Juli 2025 aufgenommenen Kapitals die Inhaber zu 115 % des ursprünglichen Preises von 0,66 USD pro Aktie zurückzahlen. Das Unternehmen hat außerdem die Rücknahme der zugehörigen Wiederverkaufsregistrierung bei der SEC beantragt.
- Elimination of potential dilution of up to 1.5 billion shares of common stock
- Cancellation of approximately 25 million shares of common stock or pre-funded warrants
- Simplified equity capital structure through warrant restructuring
- Reduction in overall shareholder dilution impact
- Obligation to use 90% of future capital raises to repay holders at 115% of original share price
- Remaining 36 million shares still issuable through Series B Warrants
- Additional cost of 15% premium on repayment to original security holders
Insights
PSTV eliminates potential 1.5B share dilution through major financing restructuring, preserving shareholder value with simplified capital structure.
Plus Therapeutics has executed a significant financial restructuring of its
The restructuring includes three key components: First, cancellation of highly dilutive warrants, leaving only about 36 million shares issuable through amended Series B Warrants at a 1:1 cashless exercise ratio. Second, cancellation of approximately 25 million shares of common stock or pre-funded warrants, further reducing dilution. Third, establishment of a repayment mechanism using
This restructuring represents a strategic pivot that significantly strengthens Plus Therapeutics' equity position. By withdrawing the related SEC registration statement and eliminating the massive potential dilution, the company has created a much cleaner capital structure. This restructuring allows the clinical-stage CNS cancer therapy developer to move forward with improved financing flexibility while preserving shareholder value that would have been severely compromised by the original warrant structure.
Comprehensive restructuring eliminates the potential issuance of up to 1.5 billion shares of common stock
Plus Therapeutics files a request to withdraw the related resale registration statement with the SEC
HOUSTON, June 24, 2025 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, announces a comprehensive restructuring of its previous
KEY HIGHLIGHTS OF THE EQUITY FINANCING RESTRUCTURING
- Elimination of Dilutive Warrants: The restructuring cancels warrants associated with the equity financing, which could have resulted in the issuance of up to 1.51 billion shares of common stock, leaving approximately 36 million shares of common stock issuable upon exercise of amended Series B Warrants at an alternative cashless exercise ratio of 1:1
- Cancellation of Common Stock and Pre-Funded Warrants (PFWs): The restructuring will lead to the cancellation of approximately 25 million shares of common stock (or PFWs in lieu), further reducing stockholder dilution
- Future Financing Provisions: The Company will use
90% of future proceeds from any capital raised subsequent to July 1, 2025 to repay the holders of 22,727,270 shares of common stock (or PFWs in lieu) at115% of the price originally paid for such securities in the March 2025 Equity Financing, based on an effective initial price of$0.66 per share
Plus Therapeutics has also filed a request with the U.S. Securities and Exchange Commission (the “SEC”) to withdraw the resale registration statement related to the March 2025 Equity Financing. The Company would like to thank all parties involved in the transaction for their contribution to completing this fundamental restructuring. For more information, please refer to the Current Report on Form 8-K filed with the SEC on June 17, 2025, which can be found here.
About Plus Therapeutics
Headquartered in Houston, Texas, Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company developing targeted radiotherapeutics for difficult-to-treat cancers of the central nervous system with the potential to enhance clinical outcomes. Combining image-guided local beta radiation and targeted drug delivery approaches, the Company is advancing a pipeline of product candidates with lead programs in leptomeningeal metastases (LM) and recurrent glioblastoma (GBM). The Company has built a supply chain through strategic partnerships that enable the development, manufacturing, and future potential commercialization of its products. For more information, visit https://www.plustherapeutics.com.
Forward-Looking Statements
This press release contains statements that may be deemed “forward-looking statements” within the meaning of U.S. securities laws, including statements regarding potential dilution of the March 2025 Equity Financing, the impact that the restructuring referred to herein will have on shareholder value and the Company’s equity capital structure, clinical outcomes, expected operations and upcoming developments. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as “expect” “potential,” “anticipating,” “planning” and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.
The forward-looking statements included in this press release could differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties, and other factors that include, but are not limited to, the following: the Company’s ability to maintain the listing of its common stock on Nasdaq; risks related to a halt in trading or delisting of the Company’s common stock on Nasdaq; risks related to the realization by shareholders of anticipated value from the restructuring referred to herein, as well as general market perception of the restructuring, the early stage of the Company’s product candidates and therapies; the results of the Company’s research and development activities, including uncertainties relating to the clinical trials of its product candidates and therapies; the Company’s liquidity and capital resources and its ability to raise additional cash; the outcome of the Company’s partnering/licensing efforts, risks associated with laws or regulatory requirements applicable to it; market conditions, product performance, litigation or potential litigation, and competition within the cancer diagnostics and therapeutics field; ability to develop and protect proprietary intellectual property or obtain licenses to intellectual property developed by others on commercially reasonable and competitive terms; challenges associated with radiotherapeutic manufacturing, production and distribution capabilities necessary to support the Company’s clinical trials and any commercial level product demand; and material security breach or cybersecurity attack affecting the Company’s operations or property. This list of risks, uncertainties, and other factors is not complete. Plus Therapeutics discusses some of these matters more fully, as well as certain risk factors that could affect Plus Therapeutics’ business, financial condition, results of operations, and prospects, in its reports filed with the SEC, including Plus Therapeutics’ annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K. These filings are available for review through the SEC’s website at www.sec.gov. Any or all forward-looking statements Plus Therapeutics makes may turn out to be incorrect and can be affected by inaccurate assumptions Plus Therapeutics might make or by known or unknown risks, uncertainties, and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.
Investor Contact
CORE IR
investor@plustherapeutics.com
1 Metric based on the maximum dilutive impact of the March 2025 Equity Financing, as of March 4, 2025, the closing date of such transaction, which assumes (i) a Reset Price equal to the Floor Price in each of the Series A Warrants and Series B Warrants, and (ii) use of the “alternative cashless exercise” feature in the Series B Warrants at a ratio of 3:1 at the time of exercise by the holders thereof.
FAQ
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