By Devika Patel
Knoxville, Tenn., Sept. 16 - Health Systems Solutions, Inc. completed a $5 million private placement of its series E convertible preferred stock on Sept. 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company agreed to sell 833,334 preferreds to Stanford International Bank Ltd. Each preferred is convertible into common stock at $6.00 per share.
Stanford also will receive warrants for 833,334 common shares.
Proceeds will be used to invest in developing new products and services.
Based in Tampa, Fla., Health Systems Solutions develops software used for clinical, financial and administrative purposes in the health-care sector.
| Issuer: | Health Systems Solutions, Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $5 million
|
| Shares: | 833,334
|
| Conversion price: | $6.00
|
| Warrants: | For 833,334 shares
|
| Investor: | Stanford International Bank Ltd.
|
| Settlement date: | Sept. 11
|
| Stock symbol: | OTCBB: HSSO
|
| Stock price: | $2.80 at close Sept. 11
|
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