Discounted promissory notes sold with 2.25 million five-year warrants
By Devika Patel
Knoxville, Tenn., July 18 – Innovus Pharmaceuticals, Inc. sold $2.48 million of convertible promissory notes at a 10% original issue discount for $2.25 million in a private placement on July 5 and July 15, according to an 8-K filed Monday with the Securities and Exchange Commission. Rodman & Renshaw was the agent.
The 5% notes are due on July 30, 2017. They convert to common stock at $0.25 per share, a 13.64% premium to $0.22, the July 1 closing share price.
The investors also received warrants for 2.25 million shares. Each five-year warrant is exercisable at $0.40, an 81.82% premium to the July 1 closing share price.
Proceeds will be used for general working capital purposes.
The pharmaceutical company is based in Sierra Madre, Calif.
| Issuer: | Innovus Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $2,475,000
|
| Maturity: | July 30, 2017
|
| Price: | 10% original issue discount ($2.25 million)
|
| Coupon: | 5%
|
| Conversion premium: | 13.64%
|
| Conversion price: | $0.25
|
| Warrants: | For 2.25 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40
|
| Agent: | Rodman & Renshaw
|
| Settlement dates: | July 5 and July 15
|
| Stock symbol: | OTCBB: INNV
|
| Stock price: | $0.22 at close July 1
|
| Market capitalization: | $23.08 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
