Deal sells units of one series B convertible preferred and 10 warrants
By Devika Patel
Knoxville, Tenn., Sept. 24 – InsPro Technologies Corp. raised $3.49 million in a private placement of series B convertible preferred stock on Sept. 18, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1,163,141 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, a 200% premium to the Sept. 17 closing share price of $0.05. 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: | Units of one series B convertible preferred share and one warrant for 10 common shares
|
| Amount: | $3,489,423
|
| Units: | 1,163,141
|
| 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
|
| Settlement date: | Sept. 18
|
| Stock symbol: | OTCBB: ITCC
|
| Stock price: | $0.05 at close Sept. 17
|
| Market capitalization: | $1.87 million
|
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