By Sheri Kasprzak
Atlanta, Feb. 4 - Avitar Inc. said it has received a $10 million standby equity distribution agreement from Cornell Capital Partners LP.
Avitar will sell shares to Cornell periodically at 99% of the lowest volume weighted average price of its stock five days after notice.
Cornell will retain 4% of each advance, and there is a $250,000 weekly ceiling and $1 million monthly ceiling on each advance.
Cornell will also receive a one-time commitment fee of $115,000 in stock based on Avitar's closing stock price on Feb. 1 of $0.12.
Monitor Capital Inc. was the placement agent in the transaction.
Based in Canton, Mass., Avitar develops, manufactures and markets products for the oral fluid diagnostic market, disease and clinical testing and applications for wound dressing.
| Issuer: | Avitar Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $10 million
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| Price: | 99% of the lowest weighted average price five days after notice
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| Warrants: | No
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| Investor: | Cornell Capital Partners LP
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| Placement agent: | Monitor Capital Inc.
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| Settlement date: | Feb. 1
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| Stock price: | $0.12 at close Feb. 1
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