Published on 9/2/2015 in the Prospect News PIPE Daily.
Echo Therapeutics wraps $148,500 placement of convertible preferreds
Investors also get five-year warrants with series F preferred stock
By Devika Patel
Knoxville, Tenn., Sept. 2 – Echo Therapeutics, Inc. completed an $82,500 private placement of series F convertible preferred stock with Platinum Partners on Aug. 27 and a $66,000 private placement of series F preferreds with Beijing Yi Tang Bio Science & Technology, Ltd. on Aug. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 99,000 preferreds at $1.50 apiece.
Investors also received 99,000 warrants. Each warrant is exercisable at $3.00 for five years. The strike price is a 97.37% premium to the Aug. 26 closing price of $1.52.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled specialty therapeutics and diagnostics company.
Issuer: | Echo Therapeutics, Inc.
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Issue: | Series F convertible preferred stock
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Amount: | $148,500
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Preferreds: | 99,000
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Price: | $1.50
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Warrants: | 99,000
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Warrant expiration: | Five years
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Warrant strike price: | $3.00
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Investors: | Platinum Partners (for $82,500) and Beijing Yi Tang Bio Science & Technology, Ltd. (for $66,000)
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Settlement dates: | Aug. 27 (for $82,500), Aug. 28 (for $66,000)
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Stock symbol: | Nasdaq: ECTE
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Stock price: | $1.52 at close Aug. 26
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Market capitalization: | $16.36 million
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