Company sells common shares, series E preferred units through offering
By Devika Patel
Knoxville, Tenn., Feb. 13 – CombiMatrix Corp. said it plans a $4.9 million registered direct offering of units and stock. C. K. Cooper & Co. is the agent.
The company will sell 1,542,000 common shares at $1.75 per share. It also will sell 2,201.5 units of one 6% series E convertible preferred share and a warrant for about 317.965 shares at $1,000 per unit.
The whole warrants are exercisable into a total of 700,000 shares at $1.97 for five years. The strike price is a 1.01% discount to the Feb. 12 closing share price of $1.99. The price per share is a 12.06% discount to that price.
In total, the preferreds are convertible into 1,258,000 shares at $1.75 per share, which is also a 12.06% discount to the Feb. 12 closing price.
Settlement is expected Feb. 20.
Proceeds will be used for general working capital purposes.
Also, on Feb. 13, the company negotiated a $1,000 private placement of warrants for up to 1.54 million shares, which is expected to settle on Feb. 20.
Based in Irvine, Calif.., CombiMatrix is a biotechnology company.
| Issuer: | CombiMatrix Corp.
|
| Issue: | Common stock, units of one series E convertible preferred share and a warrant for about 317.965 shares
|
| Amount: | $4.9 million
|
| Agent: | C. K. Cooper & Co.
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Nasdaq: CBMX
|
| Stock price: | $1.99 at close Feb. 12
|
| Market capitalization: | $20.8 million
|
|
|
| Stock
|
| Amount: | $2,698,500
|
| Shares: | 1,542,000
|
| Price: | $1.75
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | $2,201,500
|
| Units: | 2,201.5
|
| Price: | $1,000
|
| Dividends: | 6%
|
| Conversion price: | $1.75
|
| Conversion ratio: | Into a total of 1,258,000 shares
|
| Warrants: | One warrant for about 317.965 shares per unit (warrants for a total of 700,000 shares)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.97
|
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