By Sheri Kasprzak
New York, Oct. 6 - ATC Healthcare, Inc. said it has wrapped a $1.25 million private placement of convertible notes.
The 12% notes mature on Sept. 14, 2006 and are convertible into common shares at $0.37 each.
The notes, sold to 19 accredited investors from Sept. 14 onwards, also came with a warrant for one common share for every four shares issuable upon conversion. The warrants are exercisable at $0.60 each for five years.
On Sept. 30, when the registration statement covering the notes was declared effective, the notes were converted into a total of 3,397,260 common shares. Also, 849,315 shares became covered by the warrants.
Based in Lake Success, N.Y., ATC Healthcare provides staffing and outsourcing services to the health care sector.
| Issuer: | ATC Healthcare, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1.25 million
|
| Maturity: | Sept. 14, 2006
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.37
|
| Warrants: | For 849,315 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Sept. 14 onwards
|
| Stock price: | $0.48 at close Sept. 14
|
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