Preferreds sold at $1,000 each with warrants for 1.8 million shares
By Devika Patel
Knoxville, Tenn., June 18 – Accurexa Inc. arranged a $2.25 million private placement of series A convertible preferred stock on June 16, according to an 8-K filed Thursday with the Securities and Exchange Commission. H.C. Wainwright & Co., LLC is the agent.
The company will sell 2,250 preferreds at $1,000.00 per preferred.
The preferreds will be convertible into a total of 1.8 million common shares at a conversion price of $1.25.
The investors also received warrants for 1.8 million common shares. The warrants are each exercisable at $1.50 for four years.
The strike price and conversion price are 65.28% and 58.33% discounts to the $3.60 closing share price on June 15.
Settlement is expected June 22.
Proceeds will be used for general corporate purposes, including working capital, and to pay any liquidated damages.
The medical technology company is based in Newark, Del.
| Issuer: | Accurexa Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2.25 million
|
| Shares: | 2,250
|
| Price: | $1,000.00
|
| Conversion price: | $1.25
|
| Conversion ratio: | Into 1.8 million common shares
|
| Warrants: | For 1.8 million shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.50
|
| Agent: | H.C. Wainwright & Co., LLC
|
| Pricing date: | June 16
|
| Settlement date: | June 22
|
| Stock symbol: | OTCBB: ACXA
|
| Stock price: | $3.60 at close June 15
|
| Market capitalization: | $11.31 million
|
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