Three-year note was sold with five-year warrants for 1,614,000 shares
By Devika Patel
Knoxville, Tenn., June 7 – Nephros, Inc. sold $807,000 of unsecured promissory notes in a private placement on June 3, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature in three years and bear interest at 11% per year. The company may prepay the note without a penalty.
Investors also received warrants for 1,614,000 common shares. The warrants are each exercisable at $0.30 for five years. The strike price is identical to the June 2 closing share price.
Investors included PoC Capital, LLC and Lambda Investors LLC, which invested $300,000 and received warrants for 600,000 shares.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
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| Issue: | Unsecured promissory notes
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| Amount: | $807,000
|
| Maturity: | Three years
|
| Coupon: | 11%
|
| Call: | Yes
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| Warrants: | For 1,614,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.30
|
| Investor: | PoC Capital, LLC and Lambda Investors LLC (for $300,000)
|
| Settlement dates: | June 3
|
| Stock symbol: | Nasdaq: NEPH
|
| Stock price: | $0.30 at close June 2
|
| Market capitalization: | $14.9 million
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