Deal also includes warrants; proceeds finance manufacturing and sales
By Devika Patel
Knoxville, Tenn., Feb. 25 – LabStyle Innovations Corp. said it settled a $1.63 million private placement of stock.
The company sold 9,064,222 common shares at $0.18 apiece. The price per share is a 5.88% premium to the Feb. 24 closing share price of $0.17.
The investors also received 50% warrant coverage in the form of two warrants, for 25% coverage per warrant, or warrants for a total of 4,532,114 shares.
The first nine-month warrant is exercisable at $0.24, and the second three-year warrant is exercisable at $0.30. The strike prices are 41.18% and 76.47% premiums to the Feb. 24 closing share price of $0.17.
Proceeds will be used for manufacturing and sales efforts and general working capital.
The Newark, Del., company develops technology for diabetic self-monitoring of blood glucose.
| Issuer: | LabStyle Innovations Corp.
|
| Issue: | Common shares
|
| Amount: | $1,631,560
|
| Shares: | 9,064,222
|
| Price: | $0.18
|
| Warrants: | 50% coverage (in the form of two warrants, for 25% coverage per warrant, for a total of 4,532,114 shares)
|
| Warrant expiration: | Nine months, three years
|
| Warrant strike price: | $0.24, $0.30
|
| Settlement date: | Feb. 25
|
| Stock symbol: | OTCBB: DRIO
|
| Stock price: | $0.17 at close Feb. 24
|
| Market capitalization: | $2.78 million
|
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