Offer sells 10% convertibles due June 30, 2018 with 187,000 preferreds
By Devika Patel
Knoxville, Tenn., July 9 – NanoViricides, Inc. completed a $5 million private placement of series C unsecured convertible debentures on July 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% debenture is convertible into common shares at $5.25 per share. The note matures June 30, 2018 and may be prepaid.
The conversion price is a 34.62% premium to the July 1 closing share price of $3.90.
Investors also received 187,000 restricted series A convertible preferred shares. Each preferred is convertible into 3.5 common shares only if there is a change of control of the company.
NanoViricides is a West Haven, Conn., biopharmaceutical company.
| Issuer: | NanoViricides, Inc.
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| Issue: | Series C unsecured convertible debentures, 187,000 restricted series A convertible preferred shares
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| Amount: | $5 million
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| Maturity: | June 30, 2018
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| Coupon: | 10%
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| Conversion price: | $5.25
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| Call: | Yes
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| Warrants: | No
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| Settlement date: | July 2
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| Stock symbol: | OTCBB: NNVC
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| Stock price: | $3.90 at close July 1
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| Market capitalization: | $217.59 million
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