By Angela McDaniels
Tacoma, Wash., May 5 - International Stem Cell Corp. agreed to sell up to $10 million of 10% series F preferred stock to Socius CG II, Ltd. in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
Up to 1,000 preferreds will be sold for $10,000 each.
The company will determine the time and amount of preferreds to be purchased by the investor. It said it plans to sell all 1,000 preferred at a single time.
Dividends are payable in kind.
Beginning a year after issuance, the preferreds are callable at par plus a redemption premium and accrued dividends. The premium is 26% for redemptions made between the first and second anniversary of issuance, and it declines to zero for redemptions made after the fourth anniversary.
The investor also received 250,000 shares of common stock as a fee and a warrant to purchase up to $13.5 million of common stock. The exercise price of the warrant will be determined based on the company's closing stock price on the day before the preferreds are sold.
International Stem Cell is a biotechnology company based in Oceanside, Calif.
| Issuer: | International Stem Cell Corp.
|
| Issue: | Series F preferred stock
|
| Amount: | $10 million
|
| Preferreds: | 1,000
|
| Price: | $10,000
|
| Dividends: | 10%, payable in kind
|
| Call option: | Beginning one year after issuance at par plus redemption premium of up to 26%
|
| Warrant: | For $13.5 million of common stock
|
| Investor: | Socius CG II, Ltd.
|
| Pricing date: | May 4
|
| Stock symbol: | OTCBB: ISCO
|
| Stock price: | $2.19 at close May 4
|
| Market capitalization: | $114.14 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
