Offering sells series G preferreds, convertible at $0.40 per share
By Devika Patel
Knoxville, Tenn., March 15 - International Stem Cell Corp. gave further details about a $5 million private placement of series G preferred stock in an 8-K filed Thursday with the Securities and Exchange Commission. The deal was announced March 12 and settled March 9.
The company sold 5 million preferreds at $1.00 per preferred to AR partners LLC.
The preferreds convert to common stock at $0.40 per share, which was the market price of the stock on the date the sale was negotiated. The price is also a 21.57% discount to the March 9 closing share price of $0.51 (OTCBB: ISCO).
Proceeds will be used for working capital.
International Stem Cell is a biotechnology company based in Carlsbad, Calif.
| Issuer: | International Stem Cell Corp.
|
| Issue: | Series G preferred stock
|
| Amount: | $5 million
|
| Preferreds: | 5 million
|
| Price: | $1.00
|
| Conversion price: | $0.40
|
| Warrants: | No
|
| Investor: | AR Partners, LLC
|
| Announcement date: | March 15
|
| Settlement date: | March 9
|
| Stock symbol: | OTCBB: ISCO
|
| Stock price: | $0.51 at close March 9
|
| Market capitalization: | $49.48 million
|
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