Company offers subscription rights to buy 0.28673 of a share at $0.30
By Devika Patel
Knoxville, Tenn., Feb. 12 - Nephros, Inc. said it will raise $2.75 million through a rights offering.
The company will offer one subscription right for each common share held as of Jan. 30, or one right for every common share into which investors' securities convert.
Each subscription right will entitle its holder to purchase 0.28673 of a common share at the subscription price of $0.30, a 33.33% discount to the closing share price of $0.45 on Feb. 11.
The rights will expire on March 14.
Lambda Investors LLC may purchase any unsubscribed shares within 10 days of settlement.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.75 million
|
| Shares: | 0.28673 of a share for each common share held
|
| Price: | $0.30
|
| Warrants: | No
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 14
|
| Stock symbol: | OTCBB: NEPH
|
| Stock price: | $0.45 at close Feb. 12
|
| Market capitalization: | $8.05 million
|
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