Former Commercial E-Waste Management goes public in reverse merger
By Angela McDaniels
Tacoma, Wash., May 16 - FluoroPharma Medical, Inc. sold $3.67 million of common stock and series A preferred stock in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The purchase price was $0.83 per share or preferred plus the conversion of $367,600 of deferred compensation to some officers and directors of the company and the exchange of $614,118 of convertible promissory notes. The convertibles were exchanged at 110% of par plus accrued interest.
Burnham Hill Partners LLC and Monarch Capital Group, LLC were the placement agents.
In total, the company sold 2,611,375 shares of common stock and 1,807,229 preferreds.
Investors had to invest a minimum of $1.5 million in order to receive preferreds.
The investors who purchased preferreds received a four-year warrant to purchase 50% of the shares purchased, and the investors who purchased common stock received a four-year warrant to purchase 35% of the shares purchased.
The warrant strike price is $1.33.
On Monday, FluoroPharma Medical and FluoroPharma, Inc. merged in a reverse acquisition, under which FluoroPharma Medical became a public company and FluoroPharma became a subsidiary of FluoroPharma Medical.
The company's stock is quoted on the OTC Bulletin Board, and it plans to apply to list the stock on NYSE Amex, the Nasdaq Capital Market or another national securities exchange as soon as practical.
FluoroPharma, formerly known as Commercial E-Waste Management, Inc., is a molecular imaging company based in Boston.
| Issuer: | FluoroPharma Medical, Inc.
|
| Issue: | Common stock, series A preferred stock
|
| Amount: | $3,667,441.32
|
| Price: | $0.83
|
| Warrants: | Yes
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.33
|
| Agents: | Burnham Hill Partners LLC and Monarch Capital Group, LLC
|
| Settlement date: | May 16
|
|
|
| Common stock
|
| Amount: | $2,167,441.25
|
| Shares: | 2,611,375
|
| Warrants: | For number of shares equal to 35% of shares purchased
|
|
|
| Preferred stock
|
| Amount: | $1.5 million
|
| Shares: | 1,807,229
|
| Warrants: | For number of shares equal to 50% of shares purchased
|
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