Investor Commerce Court Small Cap Value Fund provides two-year deal
By Devika Patel
Knoxville, Tenn., June 7 - K-V Pharmaceutical Co. negotiated a $20 million two-year committed equity line financing facility with Commerce Court Small Cap Value Fund, Ltd. on June 5, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The class A common shares will be sold at a purchase price equal to 92% to 94% of the daily volume weighted average price of the company's common stock during the drawdown period.
The investor received 200,000 shares as a commitment fee.
KV is a St. Louis specialty pharmaceutical company.
| Issuer: | K-V Pharmaceutical Co.
|
| Issue: | Committed equity line financing facility
|
| Amount: | $20 million
|
| Tenor: | Two years
|
| Price: | 6% to 8% discount
|
| Warrants: | No
|
| Investor: | Commerce Court Small Cap Value Fund, Ltd.
|
| Fees: | 200,000 shares
|
| Settlement date: | June 5
|
| Stock symbol: | NYSE: KV.A
|
| Stock price: | $1.05 at close June 4
|
| Market capitalization: | $64.07 million
|
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