Four M Purchasers agrees to double proceeds of other loans to company
By Devika Patel
Knoxville, Tenn., April 9 - Northwest Biotherapeutics, Inc. settled a $500,000 tranche of a private placement of 8% secured notes with Four M Purchasers, LLC on April 2, according to an 8-K filed Monday with the Securities and Exchange Commission. The investor agreed to loan up to $500,000 plus 200% of the proceeds of any unsecured loans received by the company from other investors, with a cap of $2.5 million.
At closing, the company received $1.7 million, consisting of the first $500,000 from Four M Purchasers, $400,000 in unsecured notes issued to other investors and $800,000 from Four M Purchasers based on the 200% match portion of the agreement.
The investor will also receive 100% warrant coverage. Each five-year warrant is exercisable at $0.40, a 17.65% premium to the March 30 closing share price of $0.34.
Northwest is a development-stage biotechnology company based in Bethesda, Md.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Secured note
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| Amount: | $2.5 million (maximum)
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| Coupon: | 8%
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.40
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| Investor: | Four M Purchasers, LLC
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| Pricing date: | April 2 (for $1.7 million)
|
| Stock symbol: | OTCBB: NWBO
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| Stock price: | $0.34 at close March 30
|
| Market capitalization: | $47.8 million
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