Company sells debt, preferreds and warrants via agent Aegis Capital
By Devika Patel
Knoxville, Tenn., Oct. 2 – Amarantus Bioscience Holdings, Inc. gave further details about a $2.75 million registered direct offering of its series H convertible preferred stock and a $2.75 million private placement of secured convertible debt in an 8-K filed Friday with the Securities and Exchange Commission. Aegis Capital Corp. was the agent for the deals, which settled on Thursday.
The company sold 3,055.556 12% preferreds with a 10% original issue discount to the stated value of $1,000.
The $3,055,556 of 12% debt was issued in the form of senior secured convertible promissory notes with a 10% original issue discount as well for $2.75 million. The debt is due Sept. 29, 2016.
Both the preferreds and the convertible debt are convertible into common stock at $2.50 per share, which is a 108.33% premium to the Sept. 30 closing share price of $1.20.
The investor also received warrants for 1,298,612 shares with the preferreds and another warrant for 1,298,612 shares with the debt. The warrants are each exercisable at $2.00 for five years. The strike price is a 66.67% premium to the Sept. 30 closing share price.
The biotechnology company is based in Sunnyvale, Calif.
| Issuer: | Amarantus Bioscience Holdings, Inc.
|
| Issue: | Series H convertible preferred stock, senior secured convertible promissory notes
|
| Amount: | $5.5 million
|
| Conversion price: | $2.50
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Agent: | Aegis Capital Corp.
|
| Settlement date: | Oct. 1
|
| Stock symbol: | Nasdaq: AMBS
|
| Stock price: | $1.20 at close Sept. 30
|
| Market capitalization: | $10.91 million
|
|
|
| Preferreds
|
| Amount: | $2.75 million
|
| Dividend: | 12%
|
| Preferreds: | 3,055.556
|
| Price: | 10% discount to par of $1,000
|
| Warrants: | For 1,298,612 shares
|
|
|
| Notes
|
| Amount: | $3,055,556
|
| Maturity: | Sept. 29, 2016
|
| Price: | $2.75 million (10% discount)
|
| Coupon: | 12%
|
| Warrants: | For 1,298,612 shares
|
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