By Sheri Kasprzak
New York, Oct. 6 - ATC Healthcare, Inc. said it has wrapped a $1.25 million private placement of convertible notes.
The 12% notes mature on Sept. 14, 2006 and are convertible into common shares at $0.37 each.
The notes, sold to 19 accredited investors from Sept. 14 onwards, also came with a warrant for one common share for every four shares issuable upon conversion. The warrants are exercisable at $0.60 each for five years.
On Sept. 30, when the registration statement covering the notes was declared effective, the notes were converted into a total of 3,397,260 common shares. Also, 849,315 shares became covered by the warrants.
Based in Lake Success, N.Y., ATC Healthcare provides staffing and outsourcing services to the health care sector.
Issuer: | ATC Healthcare, Inc.
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Issue: | Convertible notes
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Amount: | $1.25 million
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Maturity: | Sept. 14, 2006
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Conversion price: | $0.37
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Warrants: | For 849,315 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.60
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Settlement date: | Sept. 14 onwards
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Stock price: | $0.48 at close Sept. 14
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