Deal sells 12% convertible unsecured promissory note due Jan. 23, 2014
By Devika Patel
Knoxville, Tenn., Jan. 23 - Opexa Therapeutics, Inc. settled a $650,000 private placement of 12% convertible unsecured promissory notes on Jan. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is due on Jan. 23, 2014, and is convertible into common stock at $1.298125 per share.
Investors also received warrants for 243,750 shares, each exercisable at $1.24 for five years. The strike price is identical to the Jan. 22 closing share price. The conversion price is a 4.69% premium to that price.
Investors included director and acting chief financial officer David E. Jorden, who invested $100,000.
The Woodlands, Texas-based Opexa develops and commercializes cell therapies to treat autoimmune diseases, such as multiple sclerosis, rheumatoid arthritis and diabetes.
| Issuer: | Opexa Therapeutics, Inc.
|
| Issue: | Convertible unsecured promissory notes
|
| Amount: | $650,000
|
| Maturity: | Jan. 23, 2014
|
| Coupon: | 12%
|
| Conversion price: | $1.298125
|
| Warrants: | For 243,750 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.24
|
| Investor: | David E. Jorden (for $100,000)
|
| Settlement date: | Jan. 23
|
| Stock symbol: | Nasdaq: OPXA
|
| Stock price: | $1.24 at close Jan. 22
|
| Market capitalization: | $6.86 million
|
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