Units consist of one 5.5% convertible preferred share and two warrants
By Devika Patel
Knoxville, Tenn., Nov. 6 – Integrity Applications, Inc. raised $1.27 million in the third tranche of a $6.85 million private placement of units on Oct. 31, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $3.04 million on Aug. 29 and $2.54 million on Sept. 30.
The company sold 6,852.55 units at $1,000 each. It sold 3,036 units in the first tranche, 2,541.6 units in the second tranche and 1,274.95 units in the third tranche.
Each unit consists of one series B 5.5% convertible preferred share, a five-year warrant exercisable at $5.80 per share and a five-year warrant exercisable at $10.00 per share.
The warrant prices are a 20.55% discount and a 36.99% premium, respectively, to the company’s $7.30 closing share price on Aug. 28.
The preferreds convert to common stock at $5.80 per share, which is a 20.55% discount to the Aug. 28 closing price.
Integrity Applications is a Ashkelon, Israel-based medical device company focused on the design, development and commercialization of non-invasive glucose monitoring devices for use by people with diabetes.
| Issuer: | Integrity Applications, Inc.
|
| Issue: | Unit of one series B convertible preferred share and two warrants
|
| Amount: | $6,852,550
|
| Units: | 6,852.55
|
| Price: | $1,000
|
| Dividends: | 5.5%
|
| Conversion price: | $5.80
|
| Warrants: | Two warrants per unit
|
| Warrant strike prices: | $5.80 and $10.00
|
| Warrant expiration: | Five years
|
| Settlement dates: | Aug. 29 (for $3,036,000), Sept. 30 (for $2,541,600), Oct. 31 (for $1,274,950)
|
| Stock symbol: | OTCBB: IGAP
|
| Stock price: | $7.30 at close Aug. 28
|
| Market capitalization: | $32.04 million
|
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