Deal includes warrants; subordinated note will mature in three years
By Devika Patel
Knoxville, Tenn., Dec. 23 - Arrhythmia Research Technology, Inc. completed a $500,000 private placement of subordinated promissory notes on Dec. 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% note is due on Dec. 18, 2016.
For each $50,000 of notes purchased, investors received warrants for 10,000 shares. The warrants are each exercisable at $3.51 for three years. The strike price is identical to the Dec. 18 closing share price.
Proceeds will be used for working capital.
Based in Fitchburg, Mass., Arrhythmia Research Technology capitalizes on the marketing of certain patents or licenses concerning the application of signal-averaged electrocardiography for the detection of cardiac late potentials.
| Issuer: | Arrhythmia Research Technology, Inc.
|
| Issue: | Subordinated promissory note
|
| Amount: | $500,000
|
| Maturity: | Dec. 18, 2016
|
| Coupon: | 10%
|
| Warrants: | Warrants for 10,000 shares for each $50,000 of notes purchased
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $3.51
|
| Settlement date: | Dec. 19
|
| Stock symbol: | Amex: HRT
|
| Stock price: | $3.51 at close Dec. 18
|
| Market capitalization: | $9.67 million
|
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