Deal consists of 12% secured notes, which are now due April 30, 2011
By Devika Patel
Knoxville, Tenn., Jan. 3 - ReGen Biologics, Inc. modified the terms of a private placement of 12% secured convertible notes, according to an 8-K filed Monday with the Securities and Exchange Commission. It raised $553,500 in this placement on Sept. 30 and intends to amend these notes to reflect the new terms.
The company may sell an additional $2.16 million in the offering, which originally was slated to raise a total of $1.5 million.
The notes, which will now be due April 30, 2011, were accompanied by five-year warrants for one million series G preferred shares, each exercisable at $1.00. Each preferred will convert into 100 common shares.
The warrant strike price is a 669.23% premium to the Sept. 29 closing share price of $0.13.
ReGen, based in Franklin Lakes, N.J., develops orthopedic products.
| Issuer: | ReGen Biologics, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $3 million
|
| Maturity: | April 30, 2011
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For one million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | Sept. 30 (for $553,500)
|
| Stock symbol: | Pink Sheets: RGBO
|
| Stock price: | $0.13 at close Sept. 30
|
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