Offering with Lincoln Park funds corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., July 27 – Nephros, Inc. negotiated a $10 million common stock purchase agreement with Lincoln Park Capital Fund, LLC on July 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over three years at a price based on the prevailing market prices of the stock. The shares will be sold in tranches of up to $500,000 in shares, or up to 100,000 shares, increasing to up to 200,000 shares depending on the market price.
The investor received 250,000 shares as a commitment fee.
Proceeds will be used for general corporate purposes and working capital requirements.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
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| Issue: | Share purchase agreement
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| Amount: | $10 million
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 250,000 shares
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| Pricing date: | July 24
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| Stock symbol: | Nasdaq: NEPH
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| Stock price: | $0.65 at close July 23
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| Market capitalization: | $19.67 million
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