Investor ERBA Diagnostics Mannheim buys shares in $5 million tranches
By Devika Patel
Knoxville, Tenn., April 8 - IVAX Diagnostics, Inc. arranged a $15 million private placement of shares on April 8, according to an 8-K filed Friday with the Securities and Exchange Commission. The shares will be sold to ERBA Diagnostics Mannheim GmbH in three tranches of $5 million each.
The company will sell a total of 20 million common shares at $0.75 apiece, which is a 15.39% premium to the April 7 closing share price of $0.65.
ERBA also will receive five year warrants for 20 million shares, which are exercisable at $0.75, also a 15.39% premium to the April 7 closing price.
Miami's IVAX develops diagnostics reagents, instrumentation and software.
| Issuer: | IVAX Diagnostics, Inc.
|
| Issue: | Common shares
|
| Amount: | $15 million
|
| Shares: | 20 million
|
| Price: | $0.75
|
| Warrants: | For 20 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Investor: | ERBA Diagnostics Mannheim GmbH
|
| Pricing date: | April 8
|
| Stock symbol: | Amex: IVD
|
| Stock price: | $0.63 at close April 8
|
| Market capitalization: | $17.42 million
|
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