By Sheri Kasprzak
New York, Oct. 5 - Akers Biosciences, Inc. said it has completed a private placement of convertible debentures with a fund managed by Southridge Capital Management LLC.
The 9% debentures are convertible into common shares at £1.00 each.
Southridge also received warrants, exercisable at 80p each.
The full details of the offering could not be determined Wednesday.
In other news, Akers said it has received an initial $2.1 million order for its Tri-Cholesterol Check home cholesterol test from a U.S.-based retailer.
Based in London, Akers develops screening and testing products.
| Issuer: | Akers Biosciences, Inc.
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| Issue: | Convertible debentures
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| Amount: | $2.5 million
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Conversion price: | £1.00
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| Warrants: | Yes
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| Warrant strike price: | 80p
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| Investor: | Southridge Capital Management LLC
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| Settlement date: | Oct. 5
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| Stock price: | 86p at close Oct. 4
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