By Sheri Kasprzak
New York, Oct. 14 - Bioaccelerate Holdings, Inc. said it has wrapped a private placement of series A convertible preferred stock for $18,772,580.
The company sold 3,128,769 shares of the preferreds at $6 each to accredited investors.
Each preferred is convertible into four common shares at an initial conversion price of $1.50 each.
The investors also received warrants for 6,257,523 shares, exercisable at $2.00 each for three years.
Also, the investors will receive four shares of subsidiary Cynat Oncology, Inc. and four shares of subsidiary Genaderm Inc. for each preferred purchased.
Proceeds will be used for the development of compounds, as well as for working capital and general corporate purposes.
Based in New York, Bioaccelerate acquires and develops compounds used to treat cancer and other diseases.
| Issuer: | Bioaccelerate Holdings, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $18,772,580
|
| Shares: | 3,128,769
|
| Price: | $6
|
| Conversion ratio: | Into four common shares for each preferred
|
| Conversion price: | $1.50
|
| Warrants: | For 6,257,523 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Settlement date: | Oct. 7
|
| Stock price: | $3.00 at close Oct. 7
|
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