Investor Massachusetts Life Sciences gets warrants for 145,985 shares
By Devika Patel
Knoxville, Tenn., Oct. 4 - Arch Therapeutics, Inc. completed a $1 million private placement of a promissory note with Massachusetts Life Sciences Center on Sept. 30, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 10% note is due Sept. 30, 2018.
Massachusetts Life Sciences also received warrants for 145,985 shares, which are exercisable at $0.274 until Sept. 30, 2023. The strike price is a 21.71% discount to the Sept. 27 closing share price of $0.35.
The life science company is based in Dublin, Ireland.
| Issuer: | Arch Therapeutics, Inc.
|
| Issue: | Promissory note
|
| Amount: | $1 million
|
| Maturity: | Sept. 30, 2018
|
| Coupon: | 10%
|
| Warrants: | For 145,985 shares
|
| Warrant expiration: | Sept. 30, 2023
|
| Warrant strike price: | $0.274
|
| Investor: | Massachusetts Life Sciences Center
|
| Settlement date: | Sept. 30
|
| Stock symbol: | OTCBB: ARTH
|
| Stock price: | $0.35 at close Sept. 27
|
| Market capitalization: | $11.22 million
|
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