Deal sells 3,333,333 shares along with warrants for 1,666,667 shares
By Devika Patel
Knoxville, Tenn., Nov. 1 - Arrayit Corp. settled a $1 million private placement of stock between Oct. 18 and Oct. 31, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 3,333,333 restricted common shares at $0.30 per share, which is a 31.82% discount to the Oct. 17 closing share price of $0.44.
Investors also received warrants for 1,666,667 shares. The warrants are each exercisable at $0.45, a 2.22% premium to the Oct. 17 closing share price.
The developer, manufacturer and marketer of life science tools and integrated systems for the analysis of genetic variation, biological function and diagnostics is based in Sunnyvale, Calif.
| Issuer: | Arrayit Corp.
|
| Issue: | Restricted common shares
|
| Amount: | $1 million
|
| Shares: | 3,333,333
|
| Price: | $0.30
|
| Warrants: | For 1,666,667 shares
|
| Warrant strike price: | $0.45
|
| Settlement date: | Between Oct. 18 and Oct. 31
|
| Stock symbol: | OTCBB: ARYC
|
| Stock price: | $0.44 at close Oct. 17
|
| Market capitalization: | $15.52 million
|
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