Each unit has series C 5.5% convertible preferred, five-year warrants
By Devika Patel
Knoxville, Tenn., June 6 – Integrity Applications, Inc. said it completed an $890,500 third tranche of a $3.37 million private placement of units on May 31, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $1.13 million on April 8 and $1.35 million on April 28.
The company sold 3,374.5 units of one series C 5.5% convertible preferred share and two five-year warrants for a total of 200% warrant coverage at $1,000 per unit. It sold 1,133 units in the first tranche, 1,351 units in the second and 890.5 units in the third tranche.
The preferreds are initially convertible into common shares at $4.50 per share. The conversion price is a 0.22% premium to the April 7 closing share price of $4.49.
The first warrant is exercisable for a number of shares equal to 100% coverage at $4.50, and the second warrant is exercisable for a number of shares equal to 100% coverage at $7.75. The strike prices are 0.22% and 72.61% premiums to the April 7 closing share price. Both warrants expire on April 7, 2021.
Integrity Applications is an 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.
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| Issue: | Units of one series C convertible preferred share and two warrants
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| Amount: | $3,374,500
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| Units: | 3,374.5
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| Price: | $1,000
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| Dividends: | 5.5%
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| Conversion premium: | 0.22%
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| Conversion price: | $4.50
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| Warrants: | Two warrants for a total of 200% coverage
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| Warrant expiration: | Five years, April 7, 2021
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| Warrant strike price: | $4.50, $7.75
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| Settlement date: | April 8 (for $1,133,000), April 28 (for $1,351,000), May 31 (for $890,500)
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| Stock symbol: | OTCBB: IGAP
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| Stock price: | $4.49 at close April 7
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| Market capitalization: | $24.47 million
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