By Devika Patel
Knoxville, Tenn., Aug. 15 - Nanogen, Inc. will take in $5 million in a private placement of senior secured convertible bridge notes, which priced on Aug. 14, according to an 8-K filed Friday with the Securities and Exchange Commission. Settlement is expected Friday.
The notes carry a 20% coupon and mature on May 15, 2009. They are convertible into 12,594,458 shares at an initial conversion price of $0.397 per share.
Interest is payable quarterly in arrears commencing on Sept. 30.
The notes may mature earlier if the company completes a change of control event.
San Diego-based Nanogen specializes in developing advanced diagnostic products.
| Issuer: | Nanogen, Inc.
|
| Issue: | Senior secured convertible bridge notes
|
| Amount: | $5 million
|
| Maturity: | May 15, 2009
|
| Coupon: | 20%
|
| Price: | Par
|
| Yield: | 20%
|
| Conversion price: | $0.397
|
| Conversion ratio: | Into 12,594,458 shares
|
| Warrants: | No
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Nasdaq: NGEN
|
| Stock price: | $0.44 at close Aug. 14
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
