Convertibles sold to Seaside 88, convert to 2.5 million common shares
By Devika Patel
Knoxville, Tenn., April 19 - NanoViricides, Inc. will settle a $2.5 million registered direct offering of 10% series B convertible preferred stock with Seaside 88, LP on April 19, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 250,000 preferreds at $10.00 apiece to the investor. The preferreds convert into 2.5 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: | $2.5 million
|
| Shares: | 250,000
|
| Price: | $10.00
|
| Dividends: | 10%
|
| Conversion ratio: | Into 2.5 million common shares
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Seaside 88, LP
|
| Settlement date: | April 19
|
| Stock symbol: | OTCBB: NNVC
|
| Stock price: | $1.49 at close April 18
|
| Market capitalization: | $208.46 million
|
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