By Devika Patel
Knoxville, Tenn., Sept. 18 - NewCardio, Inc. said it raised $2.92 million in a private placement of series C convertible preferred stock.
The company sold 2,920 preferreds at $1,000 apiece. The preferreds are convertible into 2.92 million common shares.
In addition, the investors received warrants for 2.92 million common shares, which are exercisable at $1.20 per share.
Insiders purchased over half of the preferreds.
Benchmark Co. LLC was the agent.
Santa Clara, Calif.-based NewCardio is a development-stage cardiac diagnostic company focused on the research, development and commercialization of products and services for the non-invasive diagnosis and monitoring of cardiovascular disease.
| Issuer: | NewCardio, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $2.92 million
|
| Shares: | 2,920
|
| Price: | $1,000
|
| Conversion ratio: | Into 2.92 million common shares
|
| Warrants: | For 2.92 million shares
|
| Warrant strike price: | $1.20
|
| Agent: | Benchmark Co. LLC
|
| Settlement date: | Sept. 18
|
| Stock symbol: | OTCBB: NWCI
|
| Stock price: | $1.10 at close Sept. 17
|
| Market capitalization: | $26.3 million
|
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