Shares sold at the lesser of the closing price of the stock or $0.14
By Devika Patel
Knoxville, Tenn., March 24 – Kips Bay Medical, Inc. negotiated a $3.25 million private placement of stock on March 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company will conduct the deal in four equal tranches with investors, including chairman and chief executive officer Manny Villafana.
The per share purchase price will be equal to the lesser the closing price of the stock on the trading day preceding the closing of any tranche or $0.14 per share.
Investors will receive one warrant for each two shares purchased. The warrants will be exercisable at 125% of the per-share-price for five years.
The medical device company is based in Minneapolis.
| Issuer: | Kips Bay Medical, Inc.
|
| Issue: | Common stock
|
| Amount: | $3.25 million
|
| Price: | The lesser the closing sale price of the stock on the trading day preceding the closing of any tranche or $0.14 per share
|
| Warrants: | One warrant for every two shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 125% of the lesser the closing sale price of the stock on the trading day preceding the closing of any tranche or $0.14 per share
|
| Investors: | Manny Villafana
|
| Settlement date: | March 24
|
| Stock symbol: | OTCBB: KIPS
|
| Stock price: | $0.20 at close March 23
|
| Market capitalization: | $7.33 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
