Signalife to price $5 million private placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Sept. 10 - Signalife, Inc. said it has arranged a $5 million private placement of its series B convertible preferred stock.

The company will sell the preferreds at a target price, which will be determined by the average closing market price for the company's common shares at pricing.

This series of stock will be redeemable in five years, along with the interest, which will accrue at Libor plus 2%.

The investors may, after a one-year holding period, convert their preferreds and interest into common shares at a conversion price equal to the 10-day average closing market price of the company's common shares on the conversion date. However, this conversion price may not be less than the target price nor more than two times the target price.

Signalife also may force conversion of the preferreds, along with accrued interest, at a conversion price subject to the same conditions detailed above.

Greenville, S.C.-based Signalife is a life sciences company focused on monitoring and detection of disease through continuous biomedical signal monitoring.

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