Deal sells units of one series B convertible preferred and one warrant
By Devika Patel
Knoxville, Tenn., Sept. 13 - InsPro Technologies Corp. raised $1.5 million in a private placement of series B convertible preferred stock on Sept. 12, according to an 8-K filed Friday with the Securities and Exchange Commission. Independence Blue Cross is the investor.
The company sold 500,000 units of one series B convertible preferred share and one warrant for 10 common shares at $3.00 per unit.
The preferreds are each convertible into 20 common shares.
The warrants are each exercisable at $0.15, an 87.5% premium to the Sept. 11 closing share price of $0.08. They expire on Nov. 20, 2017.
Proceeds will be used for working capital purposes.
The Radnor, Pa., technology company provides software applications for uses by administrators in the insurance industry.
| Issuer: | InsPro Technologies Corp.
|
| Issue: | Units of one series B convertible preferred share and one warrant for 10 common shares
|
| Amount: | $1.5 million
|
| Units: | 500,000
|
| Price: | $3.00
|
| Conversion ratio: | Into 20 common shares (per preferred)
|
| Warrants: | One warrant for 10 shares per unit
|
| Warrant expiration: | Nov. 20, 2017
|
| Warrant strike price: | $0.15
|
| Investor: | Independence Blue Cross
|
| Settlement date: | Sept. 12
|
| Stock symbol: | OTCBB: ITCC
|
| Stock price: | $0.08 at close Sept. 11
|
| Market capitalization: | $3.32 million
|
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