By Sheri Kasprzak
New York, March 30 - Health Benefits Direct Corp. is gearing up to wrap an $11.25 million private placement of stock.
The company will sell 5 million units at $2.25 each.
The units include one share and one half-share warrant with each whole warrant exercisable at $3.00 for five years.
Proceeds will be used for working capital.
Oppenheimer & Co., Inc. was the lead agent for the deal with Sanders Morris Harris Inc. and Roth Capital Partners as co-agents.
Based in Radnor, Pa., Health Benefits provides health and life insurance products to individuals.
| Issuer: | Health Benefits Direct Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $11.25 million
|
| Units: | 5 million
|
| Price: | $2.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Placement agents: | Oppenheimer & Co., Inc. (lead); Sanders Morris Harris Inc.; Roth Capital Partners
|
| Announcement date: | March 30
|
| Stock symbol: | OTCBB: HBDT
|
| Stock price: | $2.80 at close March 30
|
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