Crossover Healthcare buys securities via agent Summer Street Research
By Devika Patel
Knoxville, Tenn., Oct. 28 - Alliqua, Inc. completed a $1 million private placement of its 6% series A convertible preferred stock with Crossover Healthcare Fund, LLC on Oct. 22, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 250,000 preferreds convert at $0.09 per common share, which is a 12.5% premium to the Oct. 21 closing share price of $0.08.
Crossover also received warrants for 11,111,110 common shares. Half of the warrants are exercisable at $0.10 for five years, and the remaining warrants are exercisable at $0.11 for five years. The strike prices are 25% and 37.5% premiums to the Oct. 21 closing share price.
Summer Street Research Partners was the agent.
The biomedical products company is based in New York.
| Issuer: | Alliqua, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1 million
|
| Preferreds: | 250,000
|
| Dividends: | 6%
|
| Conversion price: | $0.09
|
| Warrants: | For 11,111,110 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10, $0.11
|
| Agent: | Summer Street Research Partners
|
| Investor: | Crossover Healthcare Fund, LLC
|
| Settlement date: | Oct. 22
|
| Stock symbol: | OTCBB: ALQA
|
| Stock price: | $0.08 at close Oct. 21
|
| Market capitalization: | $25.77 million
|
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