Deal offers 2.04 million shares with warrants for 8.16 million shares
By Devika Patel
Knoxville, Tenn., Feb. 23 - Intellicell Biosciences, Inc. concluded a $2.04 million private placement of stock in February, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2.04 million common shares at $1.00 apiece. Investors also received five-year warrants for 8.16 million shares. The class A warrants are exercisable for 4.08 million shares at an initial strike price of $2.00 per share. The class B warrants are exercisable for 4.08 million shares at an initial strike price of $3.75 per share.
Proceeds will be used for development and commercialization of the company's transdermal drug delivery platform.
The private biosciences company is based in New York.
| Issuer: | Intellicell Biosciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.04 million
|
| Shares: | 2.04 million
|
| Price: | $1.00
|
| Warrants: | For 8.16 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00 (for 4.08 million shares), $3.75 (for 4.08 million shares)
|
| Announcement date: | Feb. 23
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