30-month agreement inked with Lincoln Park; units sold at $0.55 each
By Devika Patel
Knoxville, Tenn., Feb. 20 - Cytomedix, Inc. negotiated a $15 million equity financing with Lincoln Park Capital Fund, LLC on Feb. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company also arranged a $5 million registered offering of units via agent Burrill Securities LLC on Feb. 19.
Lincoln Park has committed to purchase up to $15 million of the company's common stock over 30 months at a price based on the prevailing market prices of the company's shares at the time of sales.
The investor will receive 750,000 shares as a fee.
In the units sale, Cytomedix will sell 9,090,910 units of one common share and 0.7 warrants at $0.55 per unit. Each warrant is exercisable at $0.75 until Feb. 21, 2018. The strike price is a 7.14% premium to the Feb. 15 closing share price of $0.70.
Settlement is expected Feb. 22.
Proceeds will be used for general corporate and working capital purposes.
Gaithersburg, Md.-based Cytomedix develops biologically active regenerative therapies for wound care, inflammation and angiogenesis.
| Issuer: | Cytomedix, Inc.
|
| Issue: | Equity financing, units of one common share and 0.7 warrants
|
| Amount: | $20 million
|
| Stock symbol: | OTCBB: CMXI
|
| Stock price: | $0.70 at close Feb. 15
|
| Market capitalization: | $48.19 million
|
|
|
| Equity sale
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| Amount: | $15 million
|
| Tenor: | 30 months
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 750,000
|
| Settlement date: | Feb. 18
|
|
|
| Units sale
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| Amount: | $5 million
|
| Units: | 9,090,910
|
| Price: | $0.55
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| Warrants: | 0.7 warrants per unit
|
| Warrant expiration: | Feb. 21, 2018
|
| Warrant strike price: | $0.75
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 22
|
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