By Abigail W. Adams
Portland, Me., May 10 – Amedica Corp. priced $15 million, or 15,000 units consisting of one share of series B convertible preferred stock and warrants to purchase up to 758 shares of common stock at par prior to the market open Thursday, according to a company news release.
Maxim Group LLC is the sole book-running manager for the registered offering.
The unites were sold at $1,000 each.
The convertible preferred stock has a stated value of $1,100. It is convertible into Amedica common stock at a conversion rate equal to $1,100 divided by the conversion price of $1.45 for the first 40 days following the pricing of the offering.
After 40 trading days, the conversion rate for the convertible preferred stock will be the lesser of either the conversion price or 87.5% of the lowest volume weighted average price of common stock during the five trading days prior to the 41st trading day after pricing.
After 80 trading days, the conversion rate will be adjusted to be either the lesser of the conversion price or 87.5% of the lowest weighted average price of common stock during the five trading days prior to conversion. The floor price is 48 cents.
The strike price on the warrants is $1.60 per share. The warrants will expire five years from the date of issuance.
Amedica Corp. is a Salt Lake City-based biomaterial company that develops material for biomedical applications.
| Issuer: | Amedica Corp.
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| Securities: | Units consisting of series B convertible preferred stock and warrants for 758 shares of common stock
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| Amount: | $15 million or 15,000 units
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| Maturity: | Perpetual
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| Bookrunners: | Maxim Group LLC
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| Coupon: | 0%
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| Price: | $1,000 per $1,100 stated value unit
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| Conversion price: | $1.45
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| Conversion rate: | $1.45 or the lesser of 87.5% of the lowest weighted average price of common stock with a 48 cents floor
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| Warrant strike price | $1.60
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| Pricing date: | May 10
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| Settlement date: | May 14
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| Stock symbol: | Nasdaq: AMDA
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| Stock price: | $2.41 at market close May 10
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| Market capitalization: | $6.7 million
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