Broadway Financial Corporation shares rise 1.98% after-hours following Spartan Capital Securities' $5.0 million private placement for Lixte Biotechnology Holdings, Inc.

Broadway Financial Corporation rose 1.98% in after-hours trading. The company's stock price increase may be attributed to the positive news of Spartan Capital Securities, LLC closing a $5.0 million private placement for Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT), in which it served as the exclusive placement agent. The offering, priced at the market under Nasdaq rules, consisted of the sale of Common Stock (or Pre-Funded Warrants), Series B Convertible Preferred Stock, and Common Warrants to accredited investors. The Company received gross proceeds of approximately $5.0 million, with $4.0 million received at closing.