Convertible series B preferreds sold at $10 each through Midtown
By Devika Patel
Knoxville, Tenn., Nov. 1 - NanoViricides, Inc. plans a $5 million public offering of 10% series B convertible preferred stock, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 500,000 preferreds at $10.00 apiece to a single investor in two equal tranches. The preferreds convert into 5 million common shares.
The conversion price will be equal to the lesser of 85% of the 10-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 working capital and 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%
|
| Conversion ratio: | Into 5 million common shares
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Pricing date: | Nov. 1
|
| Stock symbol: | OTCBB: NNVC
|
| Stock price: | $1.00 at close Oct. 31
|
| Market capitalization: | $144.37 million
|
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