Company sells 12% convertible preferreds, 140,250 five-year warrants
By Devika Patel
Knoxville, Tenn., Nov. 19 – Amarantus Bioscience Holdings, Inc. settled a $290,000 registered direct offering of its 12% series H convertible preferred stock on Nov. 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 330 preferreds with a 10% original issue discount to the stated value of $1,000.
The preferreds are convertible into common stock at the lesser of $2.50 and 75% of the lowest volume weighted average price of the stock during the 15 trading days preceding conversion.
The lone investor also received warrants for 140,250 shares. The warrants are each exercisable at $2.00 for five years. The strike price is a 455.56% premium to the Nov. 12 closing share price of $0.36.
The biotechnology company is based in Sunnyvale, Calif.
| Issuer: | Amarantus Bioscience Holdings, Inc.
|
| Issue: | Series H convertible preferred stock
|
| Amount: | $290,000
|
| Dividend: | 12%
|
| Preferreds: | 330
|
| Price: | 10% discount to par of $1,000
|
| Conversion price: | The lesser of $2.50 and 75% of the lowest volume weighted average price of the stock during the 15 trading days preceding conversion
|
| Warrants: | For 140,250 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
|
| Settlement date: | Nov. 13
|
| Stock symbol: | OTCBB: AMBS
|
| Stock price: | $0.36 at close Nov. 12
|
| Market capitalization: | $2.87 million
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