Two-year common share purchase agreement inked with Eclipse Advisors
By Devika Patel
Knoxville, Tenn., May 8 - Alphatec Holdings, Inc. arranged a $25 million equity line of credit with Eclipse Advisors, LLC on May 8, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Eclipse has committed to purchase up to $25 million of the company's common shares in two equal tranches over a 31-day put period during the course of two years.
The shares will be sold at a price equal to 90% of the volume-weighted average price of the company's stock during the 15 days preceding each closing date.
Eclipse was paid 231,045 common shares as a $500,000 commitment fee.
Alphatec is a Carlsbad, Calif., medical device company concentrating on products for the surgical treatment of spine disorders.
| Issuer: | Alphatec Holdings, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $25 million
|
| Tenor: | Two years
|
| Price: | 90% of volume-weighted average price for the 10 business days preceding each advance notice
|
| Warrants: | No
|
| Investor: | Eclipse Advisors, LLC
|
| Fees: | 231,045 common shares
|
| Pricing date: | May 8
|
| Stock symbol: | Nasdaq: ATEC
|
| Stock price: | $2.16 at close May 7
|
| Market capitalization: | $191.35 million
|
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