By Sheri Kasprzak
New York, March 6 - ReGen Biologics, Inc. closed a $3,000,018 private placement of series D convertible preferred stock.
The company issued 71,429 shares of the preferreds at $42.00 each.
The investors also received warrants for 21,429 shares of series D convertible preferred stock, exercisable at $63.00 each.
Each preferred share is convertible into 100 common shares once the company files a certificate of incorporation to make an adequate number of common shares available.
Once converted, the pricing per share and the exercise price of the warrants change to $0.42 and $0.63, respectively.
ReGen, based in Franklin Lakes, N.J., develops orthopedic products.
| Issuer: | ReGen Biologics, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $3,000,018
|
| Shares: | 71,429
|
| Price: | $42.00
|
| Conversion ratio: | Into 100 common shares per preferred
|
| Warrants: | For 21,429 series D convertible preferred shares
|
| Warrant strike price: | $63.00
|
| Settlement date: | March 6
|
| Stock symbol: | OTCBB: RGBI
|
| Stock price: | $0.48 at close March 5
|
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