NewCardio lowers exercise price of warrants issued in March drawdown

By Devika Patel

Knoxville, Tenn., April 12 - NewCardio, Inc. amended the terms of the warrants it issued as part of a drawdown on a $3 million credit line on March 10, according to an 8-K filed Monday with the Securities and Exchange Commission. The warrants are exercisable for 500,000 common shares.

Warrants' strike price was reduced to $1.20 per share.

The reduction is a result of the company receiving a $500,000 advance under the credit line on April 7 and issuing drawdown warrants for 500,000 shares with a strike price of $1.20 in connection with that drawdown. Since the strike price of these warrants is less than the exercise price for the drawdown warrants that were issued in connection with the March 10 advance, the exercise price for the March warrants was reduced to $1.20.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.