New Issue: Cambridge Heart seals $1.85 million placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Dec. 30 - Cambridge Heart Inc. raised $1.85 million from a private placement of series D convertible preferred stock on Dec. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company sold 1,852 preferreds at $1,000.00 per preferred. They are initially convertible into common stock at $0.082 per share, a 15% premium.

The investors also received two types of warrants. The first warrant is exercisable for 11,292,686 shares at $0.107 per share until Dec. 23, 2010. The second warrant is exercisable for 6,775,611 shares at $0.142 per share until Dec. 23, 2014.

The company plans to use the proceeds from the offering to fund its operations.

Based in Bedford, Mass., Cambridge Heart develops noninvasive diagnostic tools for cardiac arrest and ventricular arrhythmia.

Issuer:	Cambridge Heart Inc.
Issue:	Series D convertible preferred stock
Amount:	$1,852,000
Shares:	1,852
Price:	$1,000.00
Conversion price:	$0.082
Conversion premium:	15%
Warrants:	For 18,068,297 shares
Warrant expiration:	Dec. 23, 2010 (for 11,292,686 shares), Dec. 23, 2014 (for 6,775,611 shares)
Warrant strike price:	$0.107 (for 11,292,686 shares), $0.142 (for 6,775,611 shares)
Settlement date:	Dec. 23
Stock symbol:	OTCBB: CAMH
Stock price:	$0.06 at close Dec. 23
Market capitalization:	$4.87 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.