By Devika Patel
Knoxville, Tenn., Dec. 30 - International Stem Cell Corp. said it has settled a $1 million tranche of a $5 million private placement of its convertible preferred stock.
Each preferred is convertible into common stock at $0.25 per share. They carry a 10% dividend, which reduces to 6% after two years.
Proceeds will allow the company to retire its existing secured debt and fund operations.
International Stem Cell has headquarters in Oceanside, Calif.
| Issuer: | International Stem Cell Corp.
|
| Issue: | Convertible preferred stock
|
| Amount: | $5 million
|
| Dividends: | 10%, then 6% after two years
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Settlement date: | Dec. 30 (for $1 million)
|
| Stock symbol: | OTCBB: ISCO
|
| Stock price: | $0.185 at close Dec. 30
|
| Market capitalization: | $6.66 million
|
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