Each preferred share is convertible into one share of common stock
By Susanna Moon
Chicago, July 12 – Adamis Pharmaceuticals Corp. issued $5 million of units of series A-2 convertible preferred stock and warrants. The purchasers included a small number of institutional investors, according to a company notice.
Adamis sold 1,724,137 units of one preferred and one warrant at $2.90 each.
The preferreds are convertible into common shares at an initial rate of 1 to 1.
The five-year warrants are exercisable for common stock or series A-2 preferreds at $2.90 per share, which is an 8.8% discount to the company’s closing price on July 11.
Adamis is a San Diego-based specialty biopharmaceutical company.
| Issuer: | Adamis Pharmaceuticals Corp.
|
| Issue: | Units of one share of series A-2 convertible preferred stock and one warrant
|
| Amount: | $5 million
|
| Units: | 1,724,137
|
| Price: | $2.90
|
| Conversion ratio: | One common share per preferred share
|
| Warrants: | One per unit exercisable for one common share or one preferred share
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.90
|
| Settlement date: | July 11
|
| Stock symbol: | Nasdaq: ADMP
|
| Stock price: | $3.18 at close July 11
|
| Market capitalization: | $50.20 million
|
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