By Devika Patel
Knoxville, Tenn., Jan. 21 - Health Benefits Direct Corp. took in $4 million in a private placement of its series A convertible preferred stock on Jan. 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The preferreds are being sold in units to Co-Investment Fund II, LP at a purchase price of $4.00 per unit, with each unit consisting of one preferred and a warrant.
The warrant is exercisable at $4.00 per share until Jan. 14, 2014.
Each preferred is convertible into 20 common shares at a conversion price of $0.20 per share.
Based in Radnor, Pa., Health Benefits provides health and life insurance products to individuals.
| Issuer: | Health Benefits Direct Corp.
|
| Issue: | Units of one series A convertible preferred share and a warrant
|
| Amount: | $4 million
|
| Units: | 1 million
|
| Price: | $4.00
|
| Conversion price: | $0.20
|
| Conversion ratio: | Into 20 common shares
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Jan. 14, 2014
|
| Warrant strike price: | $4.00
|
| Investor: | Co-Investment Fund II, LP
|
| Settlement date: | Jan. 15
|
| Stock symbol: | OTCBB: HBDT
|
| Stock price: | $0.10 at close Jan. 15
|
| Market capitalization: | $3.93 million
|
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