Massachusetts Development Finance Agency also gets seven-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 9 - InVivo Therapeutics Holdings Corp. arranged a $2 million private placement of promissory notes with Massachusetts Development Finance Agency on Oct. 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company has already raised $200,000.
The note is due Oct. 5, 2019 and carries a 6.5% coupon.
Massachusetts Development also received warrants for 36,145 shares, which are exercisable at $1.66 until October 2019. The strike price is an 18.57% premium to the Oct. 4 closing share price of $1.40.
Proceeds will be used for general working capital and the purchase of manufacturing and lab, office and computer equipment.
Based in Cambridge, Mass., the medical device company is developing treatments for spinal cord injuries.
| Issuer: | InVivo Therapeutics Holdings Corp.
|
| Issue: | Promissory note
|
| Amount: | $2 million
|
| Maturity: | Oct. 5, 2019
|
| Coupon: | 6.5%
|
| Price: | $1 million
|
| Warrants: | For 36,145 shares
|
| Warrant expiration: | October 2019
|
| Warrant strike price: | $1.66
|
| Investor: | Massachusetts Development Finance Agency
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 5 (for $200,000)
|
| Stock symbol: | OTCBB: NVIV
|
| Stock price: | $1.40 at close Oct. 4
|
| Market capitalization: | $82.95 million
|
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