Convertibles sold with a $5,000 discount, convert at $15.00 per share
By Devika Patel
Knoxville, Tenn., Oct. 3 - Northwest Biotherapeutics, Inc. settled a $500,000 private placement of convertible promissory notes on Sept. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% notes were sold with an original issue discount of $5,000 and mature in 19 months. They convert to common stock at $15.00 per share, which is a 172.73% premium to the Sept. 26 closing share price of $5.50.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $500,000
|
| Maturity: | 19 months
|
| Coupon: | 8%
|
| Price: | $5,000 discount
|
| Conversion price: | $15.00
|
| Warrants: | No
|
| Settlement date: | Sept. 27
|
| Stock symbol: | OTCBB: NWBOD
|
| Stock price: | $5.50 at close Sept. 26
|
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