Convertible series C preferred stock sold at $1,000.00 per preferred
By Devika Patel
Knoxville, Tenn., June 28 - NanoViricides, Inc. plans a $5 million public offering of 10% series C convertible preferred stock, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The company will sell 5,000 preferreds at $1,000 apiece.
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 preceding the conversion date 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.
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Issue: | Series C convertible preferred stock
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Amount: | $5 million
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Shares: | 5,000
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Price: | $1,000.00
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Dividends: | 10%
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Warrants: | No
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Agent: | Midtown Partners & Co., LLC
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Pricing date: | June 28
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Stock symbol: | OTCBB: NNVC
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Stock price: | $0.60 at close June 27
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Market capitalization: | $91.62 million
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