By Laura Lutz
Des Moines, Oct. 31 - NexMed, Inc. sold a $3 million senior secured note to Twin Rivers Associates LLC, according to an 8-K filing with the Securities and Exchange Commission.
The note matures on June 30, 2009 and bears interest at 8% per year. Interest will be payable quarterly beginning on Jan. 1, 2008.
NexMed may prepay the note without penalty.
Twin Rivers also received a five-year warrant for 350,000 shares, exercisable at $1.52 per share. That strike price is equal to 103% of the closing price of NexMed's stock on Oct. 25.
If the note is not repaid by Oct. 26, 2008, Twin Rivers will have the option to buy another 100,000 shares at $1.52 each.
Based in East Windsor, N.J., NexMed develops treatments for nail fungus, sexual disorders and other ailments.
Issuer: | NexMed, Inc.
|
Issue: | Senior secured note, warrants
|
Amount: | $3 million
|
Maturity: | June 30, 2009
|
Coupon: | 8%
|
Price: | Par
|
Yield: | 8%
|
Warrants: | For 350,000 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $1.52
|
Investor: | Twin Rivers Associates LLC
|
Pricing date: | Oct. 26
|
Stock symbol: | Nasdaq: NEXM
|
Stock price: | $1.51 at close Oct. 26
|
© 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.