Biotech company sells promissory notes at 10% original issue discount
By Devika Patel
Knoxville, Tenn., Jan. 27 - Northwest Biotherapeutics, Inc. settled a private placement of two secured convertible promissory notes on Jan. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission. The initial note has a $1.12 million principal and the second note has a principal of $1.1 million.
The first note was issued at an original issue discount of 10% and will accrue interest at 9% per year. The second note also has an original issue discount of 10% and carries a 6% coupon.
Both notes convert to common shares at a conversion price equal to 80% of the average of the daily volume-weighted price of the stock.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $2.22 million
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| Price: | 90
|
| Conversion price: | 80% of average daily volume weighted price
|
| Warrants: | No
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| Settlement date: | Jan. 21
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| Stock symbol: | OTCBB: NWBO
|
| Stock price: | $0.69 at close Jan. 21
|
| Market capitalization: | $53.23 million
|
|
|
| First note
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| Amount: | $1.12 million
|
| Coupon: | 9%
|
|
|
| Second note
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| Amount: | $1.1 million
|
| Coupon: | 6%
|
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