Deal offers a right for every 16,615 common shares held on record date
By Devika Patel
Knoxville, Tenn., Dec. 30 – InsPro Technologies Corp. priced a $2.5 million rights offering of preferred units, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The company will distribute one subscription right for every 16,615 common shares held, every 831 series A convertible preferred shares held, or every 830 series B convertible preferred shares held, as of the record date. The rights are exercisable for a total of 10,415 units of 80 series B convertible preferred shares and 800 warrants.
The preferreds are each convertible into 20 common shares.
The warrant is exercisable at $0.15, a 400% premium to the Dec. 29 closing share price of $0.03.
Proceeds will be used for general corporate and working capital purposes.
The Eddystone, Pa., technology company provides software applications for uses by insurance administrators in the insurance industry.
| Issuer: | InsPro Technologies Corp.
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| Issue: | Subscription rights, exercisable for units of 80 series B convertible preferred shares and 800 warrants
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| Amount: | $2.5 million
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| Units: | 10,415
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| Price: | $240.00
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| Conversion ratio: | Into 20 common shares
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| Warrants: | 800 warrants per unit
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| Warrant strike prices: | $0.15
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| Pricing date: | Dec. 30
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| Stock symbol: | OTCBB: ITCC
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| Stock price: | $0.03 at close Dec. 29
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| Market capitalization: | $1.33 million
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