Subsequent Event

12 Months Ended

Dec. 31, 2019

Subsequent Event

Subsequent Event

Note 13. Subsequent Event

On February 19, 2020, the Company entered into an underwriting agreement with several underwriters pursuant to its shelf registration statement on Form S-3 in connection with the issuance and sale by the Company in a public offering of 2,000,000 shares of the Company’s common stock at a public offering price of $32.00 per share.  In addition, BTI has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock from BTI at the public offering price, less underwriting discounts and commissions.  Gross proceeds to BTI from the offering were approximately $64,000, before deducting underwriting discounts and commissions and offering expenses.  To the extent the underwriters exercise their option to purchase additional shares of common stock, the Company intends to use the net proceeds from the sale of additional shares to repurchase shares of common stock (which shares will then be canceled) from BioXcel Corporation at a price equal to the price paid by the underwriters for such shares in the public offering, less underwriting discounts and commissions.  

On February 21, 2020 the underwriters exercised their option to purchase an additional 300,000 shares of BTI stock.  Subsequent to the underwriters exercise BTI purchased 300,000 shares from BioXcel Corporation at a price equal to the price paid by the underwriters for such shares in the public offering less underwriting discounts and commissions at a per share price of $30.08.

The offering closed on February 24, 2020.