Deal also includes warrants; common shares sold at $0.20 per share
By Devika Patel
Knoxville, Tenn., Jan. 24 - International Stem Cell Corp. raised $2.03 million in a private placement of stock with insiders Andrey Semechkin and Simon Craw on Jan. 22, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 10,125,000 common shares at $0.20 apiece. The price per share is a 16.67% discount to the Jan. 18 closing share price of $0.24.
The two investors also received warrants to purchase 50% of the number of shares purchased in the offering, or 5,062,500 shares. The warrants are exercisable at $0.20 for five years. The warrant strike price is also a 16.67% discount to the Jan. 18 closing share price.
Proceeds will be used for working capital purposes.
International Stem Cell is a biotechnology company based in Carlsbad, Calif.
| Issuer: | International Stem Cell Corp.
|
| Issue: | Common shares
|
| Amount: | $2,025,000
|
| Shares: | 10,125,000
|
| Price: | $0.20
|
| Warrants: | 50% coverage (for 5,062,500 shares)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Investors: | Andrey Semechkin and Simon Craw
|
| Settlement date: | Jan. 22
|
| Stock symbol: | OTCBB: ISCO
|
| Stock price: | $0.24 at close Jan. 18
|
| Market capitalization: | $19.23 million
|
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