Agreement to span 30 months and sells the stock in tranches of 50,000
By Devika Patel
Knoxville, Tenn., Oct. 7 – Metabolix, Inc. said it negotiated a $20 million 30-month common stock purchase agreement with Aspire Capital Fund, LLC.
Aspire will buy company shares in tranches of up to 50,000 common shares or up to 30% of the shares traded on the next trading day. The purchase price will be equal to the lesser of the lowest sale price of the stock on the purchase date or the arithmetic average of the three lowest closing sale prices of the stock during the 12 consecutive trading days preceding the purchase.
Proceeds will be used for general corporate purposes and working capital.
Cambridge, Mass.-based Metabolix develops alternatives to petrochemical-based plastics, fuels and chemicals.
| Issuer: | Metabolix, Inc.
|
| Issue: | Common stock purchased agreement
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| Amount: | $20 million
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| Tenor: | 30 months
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Pricing date: | Oct. 7
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| Stock symbol: | Nasdaq: MBLX
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| Stock price: | $1.54 at close Oct. 6
|
| Market capitalization: | $40.47 million
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