Five-year 5% note, sold to Corps Real, also accompanied by warrants
By Devika Patel
Knoxville, Tenn., June 14 - Accentia Biopharmaceuticals, Inc. sold a $4 million five-year convertible promissory note to Corps Real, LLC on June 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 5% note matures on June 13, 2016, and is initially convertible into common shares at $0.34 per share, a 27.66% discount to the June 10 closing share price of $0.47.
Corps Real also will receive warrants for 5,882,353 common shares, which are exercisable at $0.47 until June 13, 2016. The warrant strike price is identical to the June 10 closing share price.
Accentia is a biopharmaceutical company based in Tampa, Fla.
| Issuer: | Accentia Biopharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $4 million
|
| Maturity: | June 13, 2016
|
| Coupon: | 5%
|
| Conversion price: | $0.34
|
| Warrants: | For 5,882,353 shares
|
| Warrant expiration: | June 13, 2016
|
| Warrant strike price: | $0.47
|
| Investor: | Corps Real, LLC
|
| Settlement date: | June 13
|
| Stock symbol: | Nasdaq: ABPI
|
| Stock price: | $0.44 at close June 13
|
| Market capitalization: | $31.26 million
|
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