By Laura Lutz
Des Moines, Sept. 18 - iCAD, Inc. completed private placements of convertible loans for a total of $2 million between Sept. 12 and Sept. 14, according to an 8-K filing with the Securities and Exchange Commission.
The company issued 7.25% convertible promissory notes to seven accredited investors.
The notes have a maturity of two years. They are convertible at $1.70 per share.
Directors of the company Robert Howard, James Harlan and Elliott Sussman invested for $1.35 million, $300,000 and $100,000, respectively.
Executive officers Jeffrey Barnes and Stacey Stevens each invested for $50,000.
iCad, based in Nashua, N.H., develops computer-aided detection software used in medical diagnostics.
| Issuer: | iCad, Inc.
|
| Issue: | Convertible loan
|
| Amount: | $2 million
|
| Maturity: | Two years
|
| Coupon: | 7.25%
|
| Conversion price: | $1.70
|
| Warrants: | No
|
| Investor: | Robert Howard (for $1.35 million), James Harlan (for $300,000), Elliott Sussman (for $100,000), Jeffrey Barnes (for $50,000), Stacey Stevens (for $50,000)
|
| Settlement date: | Sept. 12 to Sept. 14
|
| Stock symbol: | Nasdaq: ICAD
|
| Stock price: | $1.60 at close on Sept. 12
|
| Stock price: | $1.70 at close on Sept. 14
|
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