Deal also includes warrants; proceeds fund commercial launch of Dario
By Devika Patel
Knoxville, Tenn., Feb. 13 - LabStyle Innovations Corp. arranged a $4.19 million private placement of stock on Feb. 12, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 2,226,956 common shares at $1.88 apiece. The price per share is a 16.81% discount to the Feb. 11 closing share price of $2.26.
The investors also will receive 75% warrant coverage. Each five-year warrant is exercisable at $2.35, a 3.98% premium to the Feb. 11 closing share price.
Settlement is expected Feb. 18.
Proceeds will be used for the initial European commercial launch of Dario and general working capital purposes.
The Newark, Del., company develops technology for diabetic self-monitoring of blood glucose.
Issuer: | LabStyle Innovations Corp.
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Issue: | Common shares
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Amount: | $4,186,677
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Shares: | 2,226,956
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Price: | $1.88
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Warrants: | 75% coverage
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Warrant expiration: | Five years
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Warrant strike price: | $2.35
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Pricing date: | Feb. 12
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Settlement date: | Feb. 18
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Stock symbol: | OTCBB: DRIO
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Stock price: | $2.26 at close Feb. 11
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Market capitalization: | $42.14 million
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