Convertible securities sold to Seaside 88 as addition to May placement
By Devika Patel
Knoxville, Tenn., Sept. 21 - NanoViricides, Inc. arranged a $5 million registered direct offering of 10% series B convertible preferred stock with Seaside 88, LP on Sept. 16, according to a prospectus supplement filed Wednesday with the Securities and Exchange Commission. This placement is identical to another deal completed with the same investor in May, which permitted Seaside to purchase an additional $5 million of preferreds within six months.
The company will sell 500,000 preferreds at $10.00 apiece in two equal tranches of 250,000 preferreds each. Of the preferreds, 40,000 will be automatically converted into common stock every two weeks after closing.
The conversion price will be equal to the lesser of 85% of the ten day daily volume weighted average trading price of the common stock or 88% of the volume weighted average trading price for the trading day immediately prior to a conversion date.
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: | Sept. 16
|
| Stock symbol: | OTCBB: NNVC
|
| Stock price: | $1.07 at close Sept. 16
|
| Market capitalization: | $146.1 million
|
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