By Devika Patel
Knoxville, Tenn., Feb. 17 - ReGen Biologics, Inc. said it completed a second tranche of a private placement of stock for approximately $1.7 million.
The company took in approximately $7.05 million on Jan. 16.
In the first tranche, the company sold approximately 2,015,000 common shares at $3.50 apiece and warrants for a number of shares equal to 15% of the shares purchased. It sold shares in this tranche, also with 15% warrant coverage.
Each warrant is exercisable at $1.20 for five years.
The company said it received gross proceeds of $8.8 million, issued approximately 2.5 million shares and approximately 376,500 warrants.
ReGen, based in Franklin Lakes, N.J., develops orthopedic products.
| Issuer: | ReGen Biologics, Inc.
|
| Issue: | Common stock
|
| Amount: | $8.8 million
|
| Shares: | 2.5 million (approximate)
|
| Price: | $3.50
|
| Warrants: | 15% coverage (approximately 376,500 warrants)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.20
|
| Settlement date: | Jan. 16 (for approximately $7.05 million), Feb. 17 (for approximately $1.7 million)
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| Stock symbol: | OTCBB: RGBO
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| Stock price: | $3.50 at close Jan. 16
|
| Market capitalization: | $18 million
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