31st Jul 2019 12:22
(Alliance News) - NetScientific PLC said Wednesday its investee PDS Biotechnology Corp has agreed to a liquidity funding program with Aspire Capital Fund LLC.
Aspire Capital has committed to buy up to an aggregate of USD20.0 million shares in PDS over the next 30 months.
NetScientific holds an 8.2% interest in PDS.
Shares in NetScientific, an intellectual property commercialisation firm which focuses on healthcare, were 9.9% higher in London on Wednesday at 7.97 pence each.
The funding program allows PDS to issue a purchase notice to Aspire to acquire shares in the Nasdaq-listed firm on any given trading day that its share price exceeds USD0.50. On Tuesday, PDS closed at USD6.66 in New York.
Aspire can only acquire 100,000 shares at a time and the aggregate amount over the period of the program cannot exceed USD20.0 million or Aspire cannot hold more than a 20% interest in PDS.
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