By Devika Patel
Knoxville, Tenn., Jan. 29 - Non-Invasive Monitoring Systems, Inc. raised $2.1 million in a private placement of convertible preferred shares on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1,400 series D convertible preferred shares at $1,500 per share to Frost Gamma Investments Trust and Hsu Gamma Investment LP. Each of the investors bought 700 preferreds for $1.05 million.
Each of the preferreds is convertible into 5,000 common shares for a conversion price of $0.30.
Based in North Bay Village, Fla., Non-Invasive Monitoring makes cardio-respiratory monitors.
Issuer: | Non-Invasive Monitoring Systems, Inc.
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Issue: | Series D convertible preferred stock
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Amount: | $2.1 million
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Shares: | 1,400
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Price: | $1,500
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Conversion price: | $0.30
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Conversion ratio: | Into 5,000 common shares
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Warrants: | No
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Investors: | Frost Gamma Investments Trust (for $1.05 million) and Hsu Gamma Investment LP (for $1.05 million)
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Settlement date: | Jan. 28
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Stock symbol: | OTCBB: NIMU
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Stock price: | $0.43 at close Jan. 28
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Market capitalization: | $27.9 million
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