Deal sells 20.15 units of 147,060 shares, warrants for 147,060 shares
By Devika Patel
Knoxville, Tenn., June 15 – Lightwave Logic, Inc. raised $2.02 million in a private placement of units on June 15, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 20.15 units of 147,060 common shares and warrants for 147,060 shares at $100,000 per unit, or $0.68 per share.
Of the warrants, half are each exercisable at $0.85 and the remaining half are each exercisable at $1.02. The strike prices are 7.6% and 22.55% premiums to the June 12 closing share price of $0.79.
“The proceeds from our last financing allowed us to acquire equipment and expand our R&D efforts,” chairman and chief executive officer Tom Zelibor said in a press release. “One example is the advancement of our material development to achieve thermal aging characteristics which we believe are superior to any known polymer material systems.
“We also initiated our proprietary optical device development program and recently constructed a Class 100 clean room at our facilities in Longmont, Colo. In addition to operating capital, the current financing will allow Lightwave Logic to accelerate development of our next generation photonic devices towards the point of commercial validation.”
The Wilmington, Del., company has developed electro-optic polymers which have a range of applications in the electro-optic device market.
| Issuer: | Lightwave Logic, Inc.
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| Issue: | Units of 147,060 common shares and warrants for 147,060 shares
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| Amount: | $2,015,000
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| Units: | 20.15
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| Price: | $100,000 per unit, or $0.68 per share
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| Warrants: | Warrants for 147,060 shares per unit
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| Warrant strike price: | $0.85
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| Settlement date: | June 15
|
| Stock symbol: | OTCBB: LWLG
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| Stock price: | $0.79 at close June 12
|
| Market capitalization: | $46.14 million
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