Titan Pharmaceuticals Announces $600,000 Private Placement of Convertible Preferred Stock

Core Viewpoint - Titan Pharmaceuticals, Inc. has completed a private placement of Series C Convertible Preferred Stock with Blue Harbour Asset Management for a total of $600,000, with a conversion price set at $3.40 [1] Group 1: Private Placement Details - Blue Harbour purchased 60,000 shares of Preferred Stock for an aggregate purchase price of $600,000 [1] - The shares have a conversion price of $3.40 [1] - The transaction does not involve a public offering and has not been registered under the Securities Act of 1933 [3] Group 2: Ownership and Conversion Restrictions - The Certificate of Designations includes a beneficial ownership conversion "blocker" preventing Blue Harbour from acquiring more than 19.99% of the Company's outstanding common stock without shareholder approval [2] Group 3: Advisory and Agreements - ARC Group Ltd. served as the sole financial advisor to Titan in this private placement [4] - Titan and Blue Harbour have entered into a Registration Rights Agreement, which provides certain registration rights under specified conditions [3]