By Devika Patel
Knoxville, Tenn., Jan. 23 - International Stem Cell Corp. said it has settled a $1 million second tranche of a $5 million private placement of its convertible preferred stock. The company took in $1 million in the first tranche on Dec. 30.
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.
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Issue: | Convertible preferred stock
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Amount: | $5 million
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Dividends: | 10%, then 6% after two years
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Conversion price: | $0.25
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Warrants: | No
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Settlement date: | Dec. 30 (for $1 million), Jan. 23 (for $1 million)
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Stock symbol: | OTCBB: ISCO
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Stock price: | $0.185 at close Dec. 30
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Market capitalization: | $13 million
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