Unit is comprised of convertible preferreds with three-year warrants
By Devika Patel
Knoxville, Tenn., April 26 – Medical Alarm Concepts Holding, Inc. raised $400,000 in a private placement of a unit on April 21, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold one unit of 400,000 series D convertible preferred shares and warrants for 40 million common shares at $400,000 per unit.
Each preferred converts to 100 common shares.
The warrants are each exercisable at $0.01 for three years.
The Plymouth Meeting, Pa., company develops and manufactures medical alarm system products.
| Issuer: | Medical Alarm Concepts Holding, Inc.
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| Issue: | Units of 400,000 series D convertible preferred shares and warrants for 40 million common shares
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| Amount: | $400,000
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| Units: | 1
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| Price: | $400,000
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| Conversion ratio: | Into 100 common shares (per preferred)
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| Warrants: | Warrants for 40 million shares per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.01
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| Settlement date: | April 21
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| Stock symbol: | OTCBB: MDHI
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| Stock price: | $0.08 at close April 20
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