Investor IMMY also receives 10-year warrants for 125,000 common shares
By Devika Patel
Knoxville, Tenn., May 12 – Imprimis Pharmaceuticals, Inc. drew $10 million of a $15 million secured loan agreement with IMMY Funding LLC on May 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 12.5% loan matures May 11, 2021.
IMMY also received warrants for 125,000 common shares, which are each exercisable at $7.85 for 10 years. The strike price is a 1.75% discount to the May 8 closing share price of $7.99.
Proceeds will be used for working capital and general corporate purposes.
The specialty pharmaceutical company is based in La Jolla, Calif.
| Issuer: | Imprimis Pharmaceuticals, Inc.
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| Issue: | Secured loan
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| Amount: | $15 million
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| Maturity: | May 11, 2021
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| Coupon: | 12.5%
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| Warrants: | For 125,000 shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $7.85
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| Investor: | IMMY Funding LLC
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| Settlement date: | May 11 (for $10 million)
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| Stock symbol: | OTCBB: IMMY
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| Stock price: | $7.99 at close May 8
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| Market capitalization: | $74.55 million
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