Agent Rodman & Renshaw also offers warrants for 3,471,112 shares
By Angela McDaniels
Tacoma, Wash., April 24 - Oculus Innovative Sciences, Inc. will sell series A convertible preferred stock, common stock and warrants through agent Rodman & Renshaw, LLC. The proceeds will total $3.12 million.
Specifically, the agent will use its reasonable best efforts to sell 2,360,001 shares of common stock, 1,000 of the convertibles and warrants to purchase 3,471,112 shares of common stock, according to a 424B5 filing with the Securities and Exchange Commission.
The preferreds have a stated value of $1,000 each and do not pay dividends. Each preferred is convertible at any time into 1,111 shares of common stock. The conversion price is $0.90.
The warrants have an initial exercise price of $1.18 per share and expire two-and-a-half years after issuance. They are not exercisable for the first six months.
The company's common stock closed at $1.01 on Monday. The conversion price is a 10.9% discount to this price, and the warrant strike price is a 16.8% premium to this price.
Proceeds will be used to fund clinical and regulatory programs, for working capital needs and for general corporate purposes.
Oculus is a medical instruments company based in Petaluma, Calif., that makes tissue care products.
| Issuer: | Oculus Innovative Sciences, Inc.
|
| Issue: | Series A convertible preferred stock, common stock and warrants
|
| Amount: | $3,124,000
|
| Warrants: | For 3,471,112 common shares
|
| Warrant expiration: | Two-and-a-half years after settlement; not exercisable for first six months
|
| Warrant strike price: | $1.18
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | April 24
|
| Stock symbol: | Nasdaq: OCLS
|
| Stock price: | $0.99 at close April 24
|
| Market capitalization: | $28.6 million
|
|
|
| Convertible preferreds
|
| Shares: | 1,000
|
| Stated value: | $1,000
|
| Dividends: | None
|
| Conversion price: | $0.90
|
| Conversion ratio: | 1,111
|
|
|
| Common stock
|
| Shares: | 2,360,001
|
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