By Devika Patel
Knoxville, Tenn., June 11 - OptimizeRx Corp. settled a $1.5 million private placement of its series B preferred stock on June 4, according to an 8-K filed Friday with the Securities and Exchange Commission. Vicis Capital Series Master Trust, the investor, may buy an additional $1.5 million of the preferreds if the company opts to sell them.
The company sold 15 preferreds, which are convertible into common stock at $1.50 per share. The company may force conversion under certain conditions.
Vicis also received warrants for 3 million common shares, which are exercisable at $3.00 for seven years.
Based in Rochester, Mich., OptimizeRx provides platforms to help patients better afford and comply to their medicines and health care products, while offering pharmaceutical and health care companies ways to expand patient awareness, access and adherence to their brands.
| Issuer: | OptimizeRx Corp.
|
| Issue: | Series B preferred stock
|
| Amount: | $1.5 million
|
| Preferred shares: | 15
|
| Conversion price: | $1.50
|
| Call: | Yes
|
| Warrants: | For 3 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $3.00
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| Investor: | Vicis Capital Series Master Trust
|
| Settlement date: | June 4
|
| Stock symbol: | OTCBB: OPRX
|
| Stock price: | $1.80 at close June 4
|
| Market capitalization: | $24.4 million
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