Series A convertible preferreds, warrants bought by Third Security
By Devika Patel
Knoxville, Tenn., Dec. 29 - Transgenomic Inc. said it settled a private placement of series A convertible preferred stock with Third Security, LLC. The deal raised $6 million via agent Griffin Securities, Inc.
The company sold 2,586,205 preferreds at $2.32 apiece, a 329.63% premium to the Dec. 28 closing share price of $0.54.
The preferreds are convertible into 15,517,228 common shares at $0.58 per share, which is a 7.41% premium to the Dec. 28 closing share price.
The investor also received warrants for 1,293,102 preferreds. The warrants are exercisable at $2.32, which is also a 329.63% premium to the Dec. 28 closing share price.
The company also said it has settled its acquisition of Clinical Data, Inc.'s diagnostic business for $15.5 million.
Proceeds will fund the cash portion of the acquisition.
Based in Omaha, Transgenomic provides products for the purification and analysis of nucleic acids used in the life sciences industry for research focused on molecular genetics and diagnostics.
| Issuer: | Transgenomic Inc/
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $6 million
|
| Shares: | 2,586,205
|
| Price: | $2.32
|
| Conversion price: | $0.58
|
| Conversion ratio: | Into 15,517,228 shares
|
| Warrants: | For 1,293,102 preferreds
|
| Warrant strike price: | $2.32
|
| Agent: | Griffin Securities, Inc.
|
| Investor: | Third Security, LLC
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTCBB: TBIO
|
| Stock price: | $0.50 at close Dec. 29
|
| Market capitalization: | $24.64 million
|
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