Navidea signs deal for $5M in preferred shares

2019 06 27 17 42 3952 Business Man Handshake 400

Radiopharmaceutical developer Navidea Biopharmaceuticals has signed an agreement with the company's largest shareholder for a private placement of up to $5 million in preferred stock.

The shareholder, John K. Scott Jr., has agreed to purchase $5 million in newly designated series E redeemable convertible preferred stock. Over the next 18 months, the stock can be converted into approximately 2.2 million shares of Navidea's common stock.

The firm will file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of common stock to be issued to Scott, it said.

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