Hyde Park Advisors will purchase company's shares over two-year period
By Devika Patel
Knoxville, Tenn., May 31 - Internal Fixation Systems, Inc. arranged a $7.5 million equity credit agreement with Hyde Park Advisors, LLC on May 22, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company may draw up to $7.5 million over two years. The purchase price will be 91% of the market price of the stock on the purchase date.
In each tranche, Hyde Park may purchase a number of shares equal to the lesser of $250,000 and 375% of the average of the dollar volume of the shares for the 15 trading days immediately preceding the put date.
The investor will be paid a $75,000 commitment fee, a portion of which has already been paid in shares.
The medical technology company is based in South Miami, Fla.
| Issuer: | Internal Fixation Systems, Inc.
|
| Issue: | Equity credit agreement
|
| Amount: | $7.5 million
|
| Tenor: | Two years
|
| Price: | 9% discount
|
| Warrants: | No
|
| Investor: | Hyde Park Advisors, LLC
|
| Fees: | $75,000
|
| Settlement date: | May 22
|
| Stock symbol: | OTCBB: IFIX
|
| Stock price: | $0.10 at close May 21
|
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