Offering completed in tranches through agent Spencer Trask Ventures
By Devika Patel
Knoxville, Tenn., Dec. 9 - InVivo Therapeutics Holdings Corp. completed a private placement of units on Dec. 3, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $2.49 million in this tranche and $10.51 million in October via agent Spencer Trask Ventures, Inc.
The company sold 2,485,903 units of one common share and one warrant at $1.00 apiece in this tranche and 10,514,097 units in the first tranche for a total of 13 million units. Each warrant is exercisable at $1.40. The strike price is a 35.48% discount to the Dec. 2 closing share price of $2.17.
Based in Cambridge, Mass., the company is focused on technologies for spinal cord injuries.
| Issuer: | InVivo Therapeutics Holdings Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $13 million
|
| Units: | 13 million
|
| Price: | $1.00
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $1.40
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| Agent: | Spencer Trask Ventures, Inc.
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| Settlement date: | Dec. 3 (for $2,485,903)
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| Stock symbol: | OTCBB: NVIV
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| Stock price: | $2.22 at close Dec. 3
|
| Market capitalization: | $108.65 million
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