Titan Pharmaceuticals announces $9.5M private placement of Preferred Stock

Titan Pharmaceuticals has entered into a definitive securities purchase agreement with The Sire Group for the sale of the Company’s newly designated Series AA Convertible Preferred Stock. Sire Group purchased 950,000 shares of Preferred Stock for an aggregate purchase price of $9,500,000, consisting of $5 million in cash at closing and $4.5 million in the form of a promissory note from Sire Group, personally guaranteed by a principal of Sire Group, due and payable on September 23, 2023, subject to two 10-day extensions. The shares have a conversion price of $0.466. Pursuant to the Purchase Agreement, David Lazar and Peter Chasey submitted their resignations from the Company’s Board of Directors, which are effective immediately upon the appointment of two replacement directors to fill the vacancies and the Company will hold its annual meeting for the election of directors by April 30, 2024. Mr. Lazar will remain as the Company’s CEO.