By Sheri Kasprzak
New York, April 25 - Elite Pharmaceuticals, Inc. settled a $15 million private placement of series C convertible preferred stock.
The company sold 15,000 shares of the 8% preferreds at $1,000 each to a group of institutional and other investors.
The preferreds are convertible into common shares at $2.32 each, or a total of 6,465,517 common shares.
The investors will also receive warrants for 1,939,655 shares, exercisable at $3.00 each through April 24, 2012.
Oppenheimer & Co., Inc. was the lead agent for the offering.
Based in Northvale, N.J., Elite develops oral controlled-release products.
| Issuer: | Elite Pharmaceuticals, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $15 million
|
| Shares: | 15,000
|
| Price: | $1,000
|
| Dividends: | 8%
|
| Conversion ratio: | Into 6,465,517 common shares
|
| Conversion price: | $2.32
|
| Warrants: | For 1,939,655 shares
|
| Warrant expiration: | April 24, 2012
|
| Warrant strike price: | $3.00
|
| Placement agent: | Oppenheimer & Co., Inc.
|
| Settlement date: | April 24
|
| Stock symbol: | Amex: ELI
|
| Stock price: | $2.30 at close April 24
|
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