By Devika Patel
Knoxville, Tenn., May 12 - NanoViricides, Inc. arranged a $5 million sale of 10% series B convertible preferred stock with Seaside 88, LP, according to a prospectus supplement filed Wednesday with the Securities and Exchange Commission.
The company will sell 500,000 preferreds at $10.00 apiece. Of the preferreds, 60,000 will be automatically converted into common stock every two weeks after closing. The conversion factor will be equal to the purchase price of $10 per preferred divided by the lesser of the 10-day daily volume weighted average trading price of the common stock multiplied by 0.85 or the volume weighted average trading price for the trading day immediately prior to a conversion date multiplied by 0.88.
Seaside also may purchase an additional $5 million of preferreds within six months of the final conversion.
Midtown Partners & Co., LLC is the agent.
Proceeds will be used for general corporate purposes.
NanoViricides is a West Haven, Conn., biopharmaceutical company.
| Issuer: | NanoViricides, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $5 million
|
| Shares: | 500,000
|
| Price: | $10.00
|
| Dividends: | 10%
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Seaside 88, LP
|
| Pricing date: | May 12
|
| Stock symbol: | OTCBB: NNVC
|
| Stock price: | $2.32 at close May 11
|
| Market capitalization: | $293 million
|
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