Deal sells units of one common share and one warrant via J.P. Turner
By Devika Patel
Knoxville, Tenn., June 17 - Authentidate Holding Corp. said the underwriters for its public offering of units opted to exercise the deal's $404,501greenshoe in full for total proceeds of $4.45 million. The deal was announced June 4 and priced for $4.05 million with a $404,501greenshoe on June 12.
The company sold 4,683,685 units of one common share and one warrant at $0.95 per unit, with each warrant exercisable for five years at $0.95. The strike price is a 3.06% discount to the June 11 closing share price of $0.98. Of the units, 425,790 were part of the fully exercised greenshoe.
J.P. Turner & Co., LLC was the sole underwriter.
Proceeds will be used for working capital, including the continued roll-out of the company's telehealth products and services and general corporate purposes.
Based in Berkley Heights, N.J., Authentidate is a provider of secure work-flow management software and web-based services.
| Issuer: | Authentidate Holding Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $4,449,501 (including $404,501 greenshoe)
|
| Units: | 4,683,685
|
| Price: | $0.95
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.95
|
| Underwriter: | J.P. Turner & Co., LLC
|
| Announcement date: | June 4
|
| Pricing date: | June 12
|
| Settlement date: | June 17
|
| Stock symbol: | Nasdaq: ADAT
|
| Stock price: | $0.98 at close June 11
|
| Market capitalization: | $27.9 million
|
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