Units of one share and two fractional warrants sold at $0.30 per unit
By Devika Patel
Knoxville, Tenn., Nov. 19 – LabStyle Innovations Corp. settled a $2.3 million private placement of units on Nov. 19, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 7,648,267 units of one common share, 0.7 series A warrants and 0.3 series B warrants at $0.30 per unit.
The series A warrants are exercisable at $0.37 for 16 months. The series B warrants are exercisable at $0.43 for three years. The strike prices are identical and a 16.22% premium to the Nov. 18 closing share price of $0.37.
Proceeds will be used for the commercial launch of the company’s Dario product and working capital.
The Newark, Del., company develops technology for diabetic self-monitoring of blood glucose.
| Issuer: | LabStyle Innovations Corp.
|
| Issue: | Units of one common share, 0.7 series A warrants and 0.3 series B warrants
|
| Amount: | $2,294,480
|
| Units: | 7,648,267
|
| Price: | $0.30
|
| Dividends: | 8%
|
| Warrants: | 0.7 series A warrants and 0.3 series B warrants per unit
|
| Warrant expiration: | 16 months (series A), three years (series B)
|
| Warrant strike price: | $0.37 (series A), $0.43 (series B)
|
| Settlement date: | Nov. 19
|
| Stock symbol: | OTCBB: DRIO
|
| Stock price: | $0.37 at close Nov. 18
|
| Market capitalization: | $15.13 million
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