Units consist of series A 5% convertible preferred stock, one warrant
By Susanna Moon
Chicago, March 18 - Integrity Applications, Inc. entered into a securities purchase agreement on March 13 to issue units for proceeds of $6.3 million. Each unit consists of one share of newly designated series A 5% convertible preferred stock and one warrant.
The company will sell 6,300 units at $1,000 apiece, with each warrant exercisable at $6.96 for five years.
Andrew Garrett, Inc. is the placement agent.
The preferreds are convertible at any time at a conversion price of $5.80 per share.
The Chantilly, Va.-based company provides engineering services and software applications development primarily for the U.S. government with expertise in intelligence, national security and defense.
| Issuer: | Integrity Applications, Inc.
|
| Issue: | Unit of one share of series A 5% convertible preferred stock and one warrant
|
| Amount: | $6.3 million
|
| Units: | 6,300
|
| Price: | $1,000
|
| Conversion price: | $5.80
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $6.96
|
| Warrant expiration: | Five years
|
| Agent: | Andrew Garrett, Inc.
|
| Pricing date: | March 13
|
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