Preferreds and warrants sold to Steven T. Newby and James H. Stebbins
By Devika Patel
Knoxville, Tenn., Aug. 6 – Marina Biotech, Inc. said it arranged a $1.1 million private placement of convertible preferred stock. Steven T. Newby and James H. Stebbins are the lead investors.
The preferreds are being sold along with warrants for 3,437,500 shares.
The preferreds are convertible into common stock at $0.40 per share. The warrants are each exercisable at $0.40 for six years. The conversion price and strike price represent a 9.09% discount to the Aug. 5 closing share price of $0.44.
Settlement is expected Aug. 7.
Marina is a nucleic acid-based drug discovery and development company based in Bothell, Wash.
| Issuer: | Marina Biotech, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $1.1 million
|
| Conversion price: | $0.40
|
| Warrants: | For 3,437,500 shares
|
| Warrant expiration: | Six years
|
| Warrant strike price: | $0.40
|
| Investors: | Steven T. Newby and James H. Stebbins (lead)
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 7
|
| Stock symbol: | OTCBB: MRNA
|
| Stock price: | $0.44 at close Aug. 5
|
| Market capitalization: | $11.8 million
|
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