Pursuant to the Underwriting Agreement related to the public offering, the Company issued to the Underwriter warrants to purchase shares of Common Stock, representing of the aggregate number of shares of Common Stock sold in the offering (the “Underwriter Warrants”). The Underwriter Warrants are exercisable at any time and from time to time, in whole or in part, following the date of issuance and ending years from the date of the execution of the Underwriting Agreement, at a price per share equal to ( of the offering price to the public per Share).  The Underwriter Warrants had an estimated fair value of at the date of issuance, which was recorded in additional paid-in capital as a reduction of the gross proceeds raised in the public offering. The assumptions used to calculate fair value of the Underwriter Warrants included volatility of a risk-free rate of and expected dividends of

 

At there are million warrants outstanding to purchase Navidea's common stock. The warrants are exercisable at prices ranging from to per share with a weighted average exercise price of per share. The warrants have remaining outstanding terms ranging from months to years.

 

In addition, at there are warrants outstanding to purchase MT Common Stock. The warrants are exercisable at per share.