Offering sells convertible preferreds, warrants for 4,999,990 shares
By Devika Patel
Knoxville, Tenn., Nov. 26 - InsPro Technologies Corp. raised $1.5 million in a private placement of series B convertible preferred stock on Nov. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 499,999 series B preferred shares with five-year warrants for 4,999,990 common shares at $3.00 per investment unit of one preferred and 10 warrants. The company may sell an additional 500,000 units.
The preferreds are each convertible into 20 common shares.
The warrants are each exercisable at $0.15, a 150% premium to the Nov. 19 closing share price of $0.06. They expire on Nov. 20, 2017.
Proceeds will be used for working capital purposes.
The Eddystone, Pa., technology company provides software applications for uses by insurance administrators in the insurance industry.
| Issuer: | InsPro Technologies Corp.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $1.5 million
|
| Units: | 499,999
|
| Price: | $3.00
|
| Conversion ratio: | Into 20 common shares (per preferred)
|
| Warrants: | For 4,999,990 shares
|
| Warrant expiration: | Nov. 20, 2017
|
| Warrant strike price: | $0.15
|
| Settlement date: | Nov. 20
|
| Stock symbol: | OTCBB: ITCC
|
| Stock price: | $0.06 at close Nov. 19
|
| Market capitalization: | $2.28 million
|
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