Company sells 1.83 million units of one share, one half-share warrant
By Toni Weeks
San Luis Obispo, Calif., May 18 – Nephros, Inc. gave more details about its private placement of units, in which it will raise about $1.23 million. The deal priced on May 12.
The company is selling 1,834,299 units of one common share and a half-share warrant at $0.67 per unit.
Each whole five-year warrant is exercisable at $0.85. The strike price is a 13.33% premium to the May 11 closing share price of $0.75.
Settlement will occur by May 19.
Director Matthew Rosenberg invested $134,000, and the spouse of Malcolm Persen invested $20,877, according to an 8-K filing with the Securities and Exchange Commission.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $1,228,980
|
| Shares: | 1,834,299
|
| Price: | $0.67
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.85
|
| Investors: | Matthew Rosenberg (for $134,000), spouse of Malcolm Persen (for $20,877)
|
| Pricing date: | May 12
|
| Settlement date: | May 19
|
| Stock symbol: | OTCBB: NEPH
|
| Stock price: | $0.75 at close May 11
|
| Market capitalization: | $22.69 million
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