Convertibles sold at a 10% discount convert at 20% discount to market
By Devika Patel
Knoxville, Tenn., Aug. 31 - Northwest Biotherapeutics, Inc. settled a $500,000 private placement of convertible notes on Aug. 27, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on Jan. 16, 2013 and was sold at a 10% original issue discount. It converts to common stock at a 20% discount to the market price at the time of conversion.
The investors also received warrants for 625,000 shares. Each four-year warrant is exercisable at $0.40, a 21.21% premium to the Aug. 30 closing share price of $0.33.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
Issuer: | Northwest Biotherapeutics, Inc.
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Issue: | Convertible note
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Amount: | $500,000
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Maturity: | Three years
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Price: | 10% discount
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Conversion price: | 20% discount to the market price at the time of conversion
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Warrants: | For 625,000 shares
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Warrant expiration: | Four years
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Warrant strike price: | $0.40
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Announcement date: | Aug. 31
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Settlement date: | Aug. 27
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Stock symbol: | OTCBB: NWBO
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Stock price: | $0.33 at close Aug. 30
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Market capitalization: | $56.28 million
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