Offering;s investors also receive warrants for 4 million common shares
By Devika Patel
Knoxville, Tenn., Jan. 7 - FluoroPharma Medical, Inc. arranged a $2 million private placement of stock on Dec. 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It raised $827,500 on Jan. 7. Brookline Group, LLC and Monarch Capital are the agents.
The company is selling 4 million common shares at $0.50 apiece, a 13.79% discount to the Dec. 30 closing share price of $0.58. It sold 1,655,000 shares in the first tranche.
Investors also will receive warrants for 4 million shares. The five-year warrants are each exercisable $0.83, a 43.1% premium to the Dec. 30 closing share price. The company issued warrants for 1,655,000 shares in the initial tranche.
As a result of the placement, the conversion price of the company's series A preferred stock and series B preferreds was adjusted to $0.50 per share.
The biopharmaceutical company is based in Boston.
| Issuer: | FluoroPharma Medical, Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 4 million
|
| Price: | $0.50
|
| Warrants: | For 4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.83
|
| Agents: | Brookline Group, LLC and Monarch Capital
|
| Pricing date: | Dec. 31
|
| Settlement date: | Jan. 7 (for $827,500)
|
| Stock symbol: | OTCBB: FPMI
|
| Stock price: | $0.58 at close Dec. 30
|
| Market capitalization: | $14.39 million
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