Convertible series B-1 preferred stock sold at $1,000.00 per preferred
By Devika Patel
Knoxville, Tenn., Feb. 22 - Oxygen Biotherapeutics, Inc. arranged a $1.6 million public offering of series B-1 convertible preferred stock, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 1,600 preferreds at $1,000.00 apiece. Each preferred converts to common stock at $0.25 per share, which is a 50% discount to the Feb. 21 closing share price of $0.50.
Ladenburg Thalmann & Co. Inc.is the agent.
Proceeds will be used for clinical trials and regulatory approval for Oxycyte, developing other product candidates, manufacturing Oxycyte, research and development and general corporate purposes.
The Morrisville, N.C., company develops biotechnology products with a focus on oxygen delivery to specific target tissues.
| Issuer: | Oxygen Biotherapeutics, Inc.
|
| Issue: | Series B-1 convertible preferred stock
|
| Amount: | $1.6 million
|
| Shares: | 1,600
|
| Price: | $1,000.00
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Agent: | Ladenburg Thalmann & Co. Inc.
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| Pricing date: | Feb. 22
|
| Stock symbol: | Nasdaq: OXBT
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| Stock price: | $0.50 at close Feb. 21
|
| Market capitalization: | $11.1 million
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