By Devika Patel
Knoxville, Tenn., Feb. 22 - Lumera Corp. said it entered into a $25 million three-year committed equity financing facility with Kingsbridge Capital Ltd.
Lumera can access up to $25 million from Kingsbridge in exchange for newly issued common shares.
Lumera may access capital under the facility in tranches between 2% and 3% of its market capitalization at the time of the draw down.
Each tranche will be issued and priced over an eight-day pricing period. Kingsbridge will buy common shares at discounts ranging from 6% to 12%, depending on the average market price of the common stock during the eight-day pricing period.
The minimum acceptable purchase price for any shares Kingsbridge may buy is determined by the higher of $1.25 or 90% of Lumera's common stock closing price the day before each draw down.
Kingsbridge also received a five-year warrant for 180,000 shares, exercisable at $3.01.
Located in Bothell, Wash., Lumera develops molecular structures and polymer compounds used in bioscience and communications.
| Issuer: | Lumera Corp.
|
| Issue: | Committed equity financing facility
|
| Amount: | $25 million
|
| Tenor: | Three years
|
| Warrants: | For 180,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.01
|
| Investor: | Kingsbridge Capital Ltd.
|
| Settlement date: | Feb. 22
|
| Stock symbol: | Nasdaq: LMRA
|
| Stock price: | $2.36 at close Feb. 21
|
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