Three-year 10% note, sold to Pabeti, also includes 3 million warrants
By Devika Patel
Knoxville, Tenn., June 7 - Accentia Biopharmaceuticals, Inc. sold a $1.5 million three-year convertible secured promissory note to Pabeti, Inc. on June 1, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% note matures on June 1, 2015, and is initially convertible into common shares at $0.25 per share, a 7.41% discount to the May 31 closing share price of $0.27.
Pabeti also will receive warrants for 3 million common shares, which are exercisable at $0.28 until June 1, 2020. The warrant strike price is a 3.7% premium to the May 31 closing share price.
Accentia is a biopharmaceutical company based in Tampa, Fla.
Issuer: | Accentia Biopharmaceuticals, Inc.
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Issue: | Convertible secured promissory note
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Amount: | $1.5 million
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Maturity: | June 1, 2015
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Coupon: | 10%
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Conversion price: | $0.25
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Warrants: | For 3 million shares
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Warrant expiration: | June 1, 2020
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Warrant strike price: | $0.28
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Investor: | Pabeti, Inc.
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Settlement date: | June 1
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Stock symbol: | Nasdaq: ABPI
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Stock price: | $0.27 at close May 31
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