Delta Dental purchases series B convertible preferreds at $6.00 each
By Devika Patel
Knoxville, Tenn., July 2 - Interleukin Genetics Inc. said it settled a $3 million private placement of its series B convertible preferred stock with Delta Dental Plan of Michigan, Inc. BTIG LLC was the agent.
The company sold 500,000 preferreds at $6.00 per preferred.
Each preferred is convertible into about 21.86 common shares at a conversion price of $0.2745 per share, a 1.67% premium to the June 30 closing share price of $0.27.
Interleukin, based in Waltham, Mass., is a biotechnology company.
| Issuer: | Array BioPharma Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $3 million
|
| Shares: | 500,000
|
| Price: | $6.00
|
| Conversion price: | $0.2745
|
| Conversion ratio: | Into about 21.86 shares
|
| Warrants: | No
|
| Agent: | BTIG LLC
|
| Investor: | Delta Dental Plan of Michigan, Inc.
|
| Settlement date: | July 2
|
| Stock symbol: | OTCBB: ILIU
|
| Stock price: | $0.27 at close June 30
|
| Market capitalization: | $12.87 million
|
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