Investors buy unsecured convertible promissory notes due Oct. 21, 2016
By Devika Patel
Knoxville, Tenn., Oct. 26 – Arno Therapeutics, Inc. settled a $2.1 million private placement of unsecured convertible promissory notes on Oct. 21, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 6% notes mature Oct. 21, 2016, and are convertible into common stock after Dec. 31, 2015 at a price equal to the average closing price of the stock during the 50 trading days preceding conversion. The company may prepay the notes after Dec. 31, 2015.
Based in Parsippany, N.J., Arno is a clinical-stage biopharmaceutical company focused on developing oncology therapeutics.
| Issuer: | Arno Therapeutics, Inc.
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| Issue: | Unsecured convertible promissory notes
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| Amount: | $2.1 million
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| Maturity: | Oct. 21, 2016
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| Coupon: | 6%
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| Conversion price: | The average closing price of the stock during the 50 trading days preceding conversion
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| Call: | After Dec. 31, 2015
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| Warrants: | No
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| Settlement date: | Oct. 21
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| Stock symbol: | OTCBB: ARNI
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| Stock price: | $0.50 at close Oct. 20
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| Market capitalization: | $18.17 million
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