Deal includes 30-month warrant coverage; Rodman & Renshaw is the agent
By Devika Patel
Knoxville, Tenn., April 23 - Oculus Innovative Sciences, Inc. said it plans a $3.16 million registered direct offering of series A convertible preferred stock and common shares. Rodman & Renshaw, LLC is the agent.
The company will sell 1,000 preferreds at $1,000.00 apiece and 2.4 million common shares at $0.90 per share. The price per common share is a 23.73% discount to the April 20 closing share price of $1.18.
The investors will also receive warrants for about 3.5 million shares. The warrants are each exercisable at $1.18 for 30 months. The strike price is identical to the April 20 closing share price.
The preferreds are convertible into 1.1 million common shares at a conversion price of $0.909 per share, which is a 22.97% discount to the April 20 closing price. The preferreds have no dividend.
Settlement is expected April 24.
Proceeds will be used for the company's clinical and regulatory programs for scar reduction indication, additional regulatory filings to expand the company's antimicrobial indication with the FDA and for working capital needs and general corporate purposes.
Petaluma, Calif.-based Oculus develops and markets products for the prevention and elimination of infection in chronic and acute wounds.
| Issuer: | Oculus Innovative Sciences, Inc.
|
| Issue: | Series A convertible preferred stock, common stock
|
| Amount: | $3.16 million
|
| Warrants: | For about 3.5 million shares
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| Warrant expiration: | 30 months
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| Warrant strike price: | $1.18
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| Agent: | Rodman & Renshaw, LLC
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| Pricing date: | April 23
|
| Settlement date: | April 24
|
| Stock symbol: | Nasdaq: OCLS
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| Stock price: | $1.18 at close April 20
|
| Market capitalization: | $29.43 million
|
|
|
| Preferreds
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| Amount: | $1 million
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| Preferreds: | 1,000
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| Price: | $1,000.00
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| Conversion price: | $0.909
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| Conversion premium: | 15.39%
|
|
|
| Common stock
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| Amount: | $2.16 million
|
| Shares: | 2.4 million
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| Price: | $0.90
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