Company sells convertible series B preferred stock to Vicis Capital
By Devika Patel
Knoxville, Tenn., Sept. 21 - OptimizeRx Corp. arranged a $5 million private placement of its series B preferred stock on Sept. 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Vicis Capital Series Master Trust, the investor, will buy $1.5 million of the preferreds initially.
The company will sell 50 preferreds at $100,000 apiece. Each preferred is convertible into a number of shares of common stock equal to $100,000 divided by $1.50, the conversion price. The company may force conversion under certain conditions.
Vicis also will receive warrants for 3,333,334 common shares, which are exercisable at $3.00 for seven years.
The conversion price and warrant strike price are 45.63% and 191.26% premiums to the Sept. 15 closing share price of $1.03.
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: | $5 million
|
| Shares: | 50
|
| Price: | $100,000
|
| Conversion price: | $1.50
|
| Call: | Yes
|
| Warrants: | For 3,333,334 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $3.00
|
| Investor: | Vicis Capital Series Master Trust
|
| Pricing date: | Sept. 16
|
| Stock symbol: | OTCBB: OPRX
|
| Stock price: | $1.14 at close Sept. 16
|
| Market capitalization: | $15.67 million
|
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