Each share of preferred stock convertible into one common share
By Stephanie N. Rotondo
Seattle, Dec. 10 – AntriaBio Inc. sold $2 million of 6% series A convertible preferred stock in its initial closing of a $15 million private placement of the convertibles, the company said in an 8-K filed with the Securities and Exchange Commission on Thursday.
Six accredited investors participated in the first closing.
The preferreds were sold at $1.95 apiece. Holders can convert their holdings into common stock on a one-for-one basis at any time.
Additionally, the preferreds become mandatorily convertible when
• The holders off two-thirds of the preferreds vote to convert their shares;
• The company successfully lists on the Nasdaq or the New York Stock Exchange, provided that the common stock trades for at least 30 consecutive days at an average daily price of at least 155% of the then-existing conversion price; or
• The company closes an underwritten public offering with a price equal to at least 155% of the series A conversion price and receives gross proceeds of not less than $15 million.
On the 10th anniversary of issuance, the preferreds will automatically be redeemed with cash.
AntriaBio is a Louisville, Colo.-based pharmaceutical company.
| Issuer: | AntriaBio Inc.
|
| Securities: | Series A convertible preferred stock
|
| Amount: | $2,000,115
|
| Shares: | 1,025,699
|
| Maturity: | Dec. 10, 2025
|
| Dividend: | 6%
|
| Price: | $1.95 per share
|
| Conversion ratio: | One common share per preferred share
|
| Warrants: | No
|
| Settlement date: | Dec. 10
|
| Stock symbol: | OTCMKTS: ANTB
|
| Stock price: | $1.79 at close Dec. 9
|
| Market capitalization: | $42.59 million
|
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