Offering consists of 12% secured notes due on Dec. 31, 2010, warrants
By Devika Patel
Knoxville, Tenn., Oct. 7 - ReGen Biologics, Inc. is selling 12% secured convertible notes due Dec. 31, 2010, according to an 8-K filed Thursday with the Securities and Exchange Commission. It has already raised $550,000 and may raise up to $1.5 million.
The notes were accompanied by five-year warrants for series G preferred stock. Each preferred will automatically convert into 100 common shares.
ReGen, based in Franklin Lakes, N.J., develops orthopedic products.
| Issuer: | ReGen Biologics, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Settlement date: | Oct. 6 (for $550,000)
|
| Stock symbol: | OTCBB: RGBO
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| Stock price: | $0.13 at close Oct. 6
|
| Market capitalization: | $1.22 million
|
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