By Sheri Kasprzak
New York, Jan. 17 - Aksys, Ltd. said it entered into a $20 million equity line with Fusion Capital Fund II, LLC.
Fusion may purchase shares of Aksys over the course of 25 months, as long as the company's stock price remains above $0.10.
Aksys may sell up to $40,000 in stock per trading day.
For every $0.10 increase in threshold price above $0.95 the company's stock trades, Aksys may increase the daily purchase amount by another $4,000. The threshold price is the lowest sale price of the company's stock during the five trading days before notice of a draw.
Proceeds will be used to finance the company's operations.
Based in Lincolnshire, Ill., Aksys produces hemodialysis products for patients suffering from kidney failure.
| Issuer: | Aksys, Ltd.
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| Issue: | Equity line
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| Amount: | $20 million
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| Tenor: | 25 months
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| Warrants: | No
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| Investor: | Fusion Capital Fund II, LLC
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| Settlement date: | Jan. 13
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| Stock symbol: | Nasdaq: AKSY
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| Stock price: | $0.56 at close Jan. 13
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