Convertible preferreds sold with warrants via agent H.C. Wainwright
By Devika Patel
Knoxville, Tenn., May 11 – Nanosphere, Inc. arranged a $4.4 million registered direct offering of convertible preferred stock on May 11, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The preferreds are convertible into a total of 1,168,659 common shares at $3.765 per share, which is a 3.43% premium to the May 8 closing share price of $3.64.
Investors also will receive warrants for 1,168,659 shares, with each warrant exercisable at $3.65 for five years. The strike price is a 0.28% premium to the May 8 closing price.
H.C. Wainwright & Co., LLC is the agent.
Settlement is expected May 14.
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.
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| Issue: | Convertible preferred stock
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| Amount: | $4.4 million
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| Conversion price: | $3.765
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| Conversion ratio: | Into a total of 1,168,659 common shares
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| Warrants: | For 1,168,659 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.65
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| Agent: | H.C. Wainwright & Co., LLC
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| Pricing date: | May 11
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| Settlement date: | May 14
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| Stock symbol: | Nasdaq: NSPH
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| Stock price: | $3.64 at close May 8
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| Market capitalization: | $22.66 million
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