Convertibles sold to Seaside 88, convert to 7.5 million common shares
By Devika Patel
Knoxville, Tenn., April 20 - NanoViricides, Inc. settled another $5 million tranche of a 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. It raised $2.5 million on Tuesday.
The company sold 250,000 preferreds at $10.00 apiece to the investor in the first tranche and 500,000 in the second. The preferreds convert into 7.5 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: | $7.5 million
|
| Shares: | 750,000
|
| Price: | $10.00
|
| Dividends: | 10%
|
| Conversion ratio: | Into 7.5 million common shares
|
| Warrants: | No
|
| Agent: | Midtown Partners & Co., LLC
|
| Investor: | Seaside 88, LP
|
| Settlement dates: | April 19 (for $2.5 million), April 20 (for $5 million)
|
| Upsized: | April 20
|
| Stock symbol: | OTCBB: NNVC
|
| Stock price: | $1.49 at close April 18
|
| Market capitalization: | $201.46 million
|
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