By Devika Patel
Knoxville, Tenn., June 11 - Cryoport, Inc. took in $1.06 million from a private placement of 8% convertible debentures on June 9, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company sold the debentures at a 15% discount.
The $1.25 million in debentures are convertible at $0.84. The principal amount will be repaid in 23 monthly payments of $54,348 beginning Jan. 31, 2009 and continuing until maturity on Dec. 31, 2010.
The company may force conversion of the debentures if the market price of its common stock is at least $2.52 for 30 consecutive days. The company may also prepay the debentures in cash at 120% of the then outstanding principal.
The debentures rank senior to all current and future company debt.
The investors also received five-year warrants for 1,488,095 common shares, exercisable at $0.92, and five-year warrants for 1,488,095 common shares, exercisable at $1.35.
National Securities Corp. was the agent.
Based in Lake Forest, Calif., CryoPort provides packaging for temperature-sensitive biological materials.
| Issuer: | Cryoport, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1.25 million
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 8%
|
| Price: | 85
|
| Conversion price: | $0.84
|
| Warrants: | For 2,976,190 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.92 (for 1,488,095 shares), $1.35 (for 1,488,095 shares)
|
| Agent: | National Securities Corp.
|
| Settlement date: | June 9
|
| Stock symbol: | OTCBB: CYRX
|
| Stock price: | $0.71 at close June 9
|
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