By Devika Patel
Knoxville, Tenn., July 20 - Fibrocell Science, Inc. arranged a $2.7 million private placement of its series B convertible preferred stock on July 16, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 2,702 preferreds at $1,000 per preferred.
Investors also will receive warrants for 4,503,334 common shares, which are exercisable at $0.8054 per share until July 19, 2015.
Each 6% preferred is convertible into common shares at an initial conversion price of $0.60 per share.
Viriathus Capital LLC and John Carris Investments LLC are co-placement agents.
Fibrocell is a biotechnology company based in Exton, Pa.
| Issuer: | Fibrocell Science, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $2,702,000
|
| Shares: | 2,702
|
| Price: | $1,000
|
| Dividends: | 6%
|
| Conversion price: | $0.60
|
| Warrants: | For 4,503,334 shares
|
| Warrant expiration: | July 19, 2015
|
| Warrant strike price: | $0.8054
|
| Agents: | Viriathus Capital LLC and John Carris Investments LLC
|
| Pricing date: | July 16
|
| Stock symbol: | OTCBB: FCSC
|
| Stock price: | $0.85 at close July 16
|
| Market capitalization: | $16.8 million
|
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