Common shares, series B convertible preferreds sold at $0.50 per unit
By Devika Patel
Knoxville, Tenn., Aug. 4 – Metabolix, Inc. said it will raise $25 million in a private placement of units.
The company will sell 50 million units of one common share and 1/1,000 of a series B convertible preferred share at $0.50 per unit.
Each preferred will automatically convert into 1,000 common shares, based on a conversion price of $0.25 per share, which is a 41.96% discount to the Aug. 1 closing share price of $0.43.
Investors include Jack W. Schuler, Oracle Investment Management, Inc. and Birchview Capital.
Proceeds will be used for development and commercialization of Iluvien and other working capital purposes.
Cambridge, Mass.-based Metabolix develops alternatives to petrochemical-based plastics, fuels and chemicals.
Issuer: | Metabolix, Inc.
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Issue: | Units of one common share and 1/1,000 of a series B convertible preferred share
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Amount: | $25 million
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Units: | 50 million
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Price: | $0.50
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Conversion price: | $0.25
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Conversion ratio: | Into about 1,000 common shares (per preferred)
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Warrants: | No
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Investors: | Jack W. Schuler, Oracle Investment Management, Inc., Birchview Capital
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Settlement date: | Aug. 4
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Stock symbol: | Nasdaq: MBLX
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Stock price: | $0.43 at close Aug. 1
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Market capitalization: | $14 million
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