Deal also includes warrants; proceeds fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 20 – Adamis Pharmaceuticals Corp. gave further details about its $5 million private placement of series A convertible preferred stock in an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced and settled on Aug. 19.
The company sold 1,418,439 units of one series A convertible preferred share and one warrant at $3.525 per unit.
The preferreds convert to common shares on a one-for-one basis.
The warrants are each exercisable at $3.40 for five years. The strike price is a 0.88% discount to the Aug. 18 closing share price of $3.43.
Proceeds will be used for general corporate purposes.
The specialty pharmaceutical company is based in San Diego.
| Issuer: | Adamis Pharmaceuticals Corp.
|
| Issue: | Units of one series A convertible preferred share and one warrant
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| Amount: | $5 million
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| Units: | 1,418,439
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| Price: | $3.525
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| Conversion ratio: | One for one basis
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.40
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| Announcement date: | Aug. 19
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| Settlement date: | Aug. 19
|
| Stock symbol: | Nasdaq: ADMP
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| Stock price: | $3.43 at close Aug. 18
|
| Market capitalization: | $38.22 million
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