By Sheri Kasprzak
New York, July 11 - Remedent, Inc. said it has raised $3,165,000 so far in a private placement.
The company sold a total of 2,110,000 units at $1.50 each to accredited investors including Special Situations Private Equity Fund, LP. Special Situations bought 1,666,667 units.
The units include one share and one warrant. The warrants provide for the purchase of an additional share at $1.75 each for five years.
The company hopes to sell 2,666,667 units at $1.50 each for proceeds of $4 million.
Remedent may redeem the warrants at a penny each if its stock trades above $3.50 per share for 30 consecutive trading days.
MDB Capital Group, LLC was the placement agent.
Based in Deurle, Belgium, Remedent manufactures professional dental equipment.
| Issuer: | Remedent, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | $3,165,000
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| Units: | 2.11 million
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| Price: | $1.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.75
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| Placement agent: | MDB Capital Group, LLC
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| Investors: | Special Situations Private Equity Fund, LP (lead)
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| Settlement date: | July 8 |
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| Stock price: | $2.05 at close July 8
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