By Devika Patel
Knoxville, Tenn., March 19 - Andover Medical, Inc. has arranged a $2 million private placement of convertible preferred stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell series D convertible preferred stock. The 8% preferreds are convertible into common shares at $0.35 each.
Investors also will receive three series I warrants for each preferred that they buy. The warrants are exercisable at $0.35 each for 10 years.
Proceeds will be used to retire debt and for working capital. Settlement is expected March 31.
Andover, based in North Andover, Mass., distributes orthopedic, podiatric and urological devices to physicians.
| Issuer: | Andover Medical, Inc.
|
| Issue: | Series D convertible preferred stock, series I warrants
|
| Amount: | $2 million
|
| Dividends: | 8%
|
| Conversion price: | $0.35
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| Warrants: | Three series I warrants for each preferred bought
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $0.35
|
| Pricing date: | March 13
|
| Stock symbol: | OTCBB: ADOV
|
| Stock price: | $0.37 at close March 13
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