By Sheri Kasprzak
New York, July 25 - Remedent Inc. said it has completed a scaled-down version of its previously announced private placement for $3,780,976.
The company sold a total of 2,520,651 units at $1.50 each.
The units are comprised of one share and one warrant. The warrants are exercisable at $1.75 each for five years.
The warrants may be redeemed if the company's stock trades above $3.50 per share for 30 consecutive trading days.
On July 11, Remedent had announced its plans to raise $4 million through the sale of 2,666,667 units under the same terms.
MDB Capital Group, LLC was the placement agent.
Based in Deurle, Belgium, Remedent makes cosmetic dentistry products.
| Issuer: | Remedent Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3,780,976
|
| Units: | 2,520,651
|
| Price: | $1.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Placement agent: | MDB Capital Group, LLC
|
| Settlement date: | July 20
|
| Stock price: | $1.82 at close July 20
|
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