Novan and Aspire Capital Enter into a Common Stock Purchase Agreement for up to $25 Million
MORRISVILLE, N.C., Sept. 05, 2019 (GLOBE NEWSWIRE) — Novan, Inc. (“the Company” or “Novan”) (Nasdaq:NOVN) today announced that the Company has entered into a Common Stock Purchase Agreement (the “Agreement”) of up to $25 million with Aspire Capital Fund, LLC (“Aspire Capital”), a Chicago-based institutional investor.
Under the terms of the Agreement, Aspire Capital has committed to purchase up to $25 million of common stock of Novan. These purchases would occur at Novan’s discretion from time to time during a 30-month period beginning on the effective date of a registration statement filed by Novan with the Securities and Exchange Commission (“SEC”) related to the resale of shares to be issued to Aspire Capital. Individual transactions would occur at prices based on public market trading of Novan common stock at the time of each sale. As part of the overall Agreement, Novan will retain full control as to the timing and amount of any sale of shares of common stock to Aspire Capital, subject to certain limitations specified in the Agreement.