Investor Aspire Capital commits to buy company shares over two years
By Devika Patel
Knoxville, Tenn., March 18 - Nanosphere, Inc. negotiated a $30 million two-year common stock purchase agreement with Aspire Capital Fund, LLC on March 18, according to an 8-K and prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The purchase price for the shares will be based on two formulas.
The purchase price for a regular purchase will be the lower of the lowest sale price of the stock on the date of sale and the arithmetic average of the three lowest closing sale prices for the stock during the 12 consecutive business days preceding the date of sale.
The purchase price for a volume-weighted average price purchase will be the lower of the closing sale price of the stock on the date of sale and 95% of the volume-weighted average price for the stock on the purchase date.
Proceeds will be used for general corporate purposes and working capital.
The Northbrook, Ill.-based company develops and commercializes advanced molecular diagnostics systems.
| Issuer: | Nanosphere, Inc.
|
| Issue: | Common stock purchase agreement
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| Amount: | $20 million
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Pricing date: | March 18
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| Stock symbol: | Nasdaq: NSPH
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| Stock price: | $2.17 at close March 17
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| Market capitalization: | $172.7 million
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