Deal with Aspire Capital to span three years, company reports in 8-K
By Devika Patel
Knoxville, Tenn., Oct. 25 - Kips Bay Medical, Inc. arranged a $20 million three-year common stock purchase agreement with Aspire Capital Fund, LLC on Oct. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Each tranche will consist of the lesser of 100,000 shares or $500,000. The tranches will consist of 100,000 shares or a number of shares equal to up to 30% of the volume traded on the purchase date at a price equal to the lesser of the closing sale price or 95% of the volume-weighted average price on the purchase date.
The shares will be sold at a price equal to the lower of the closing sale price on the purchase date or 95% of the volume-weighted average price for all or a portion of the stock traded on the purchase date.
The medical device company is based in Minneapolis.
| Issuer: | Kips Bay Medical, Inc.
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| Issue: | Common stock purchase agreement
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| Amount: | $20 million
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| Tenor: | Three years
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| Price: | Lower of the closing sale price on the purchase date or 95% of the volume weighted average price for all or a portion of the stock traded on the purchase date
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| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Settlement date: | Oct. 24
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| Stock symbol: | Nasdaq: KIPS
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| Stock price: | $1.70 at close Oct. 24
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| Market capitalization: | $25.17 million
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