Units consist of one class A preferred and warrants for eight shares
By Devika Patel
Knoxville, Tenn., Jan. 21 – Cryoport, Inc. completed a $735,756 private placement of its class A convertible preferred stock in November and December, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Emergent Financial Group, Inc. was the agent.
The company sold 61,313 units of one preferred and warrants for eight shares at $12.00 per unit.
The warrant is exercisable at $0.50 until March 31, 2019. The strike price reflects a 25% premium to the Jan. 20 closing share price of $0.40.
Proceeds will be used for working capital purposes.
Based in Lake Forest, Calif., Cryoport provides packaging for temperature-sensitive biological materials.
| Issuer: | Cryoport, Inc.
|
| Issue: | Units of one class A convertible preferred share and warrants for eight shares
|
| Amount: | $735,756
|
| Units: | 61,313
|
| Price: | $12.00
|
| Warrants: | Warrants for eight shares per unit
|
| Warrant expiration: | March 31, 2019
|
| Warrant strike price: | $0.50
|
| Agent: | Emergent Financial Group, Inc.
|
| Announcement date: | Jan. 21
|
| Stock symbol: | OTCBB: CYRX
|
| Stock price: | $0.40 at close Jan. 20
|
| Market capitalization: | $24.02 million
|
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