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Helix settles tender for $4.47 million 8% convertible notes, warrants
Investors surrender all $1 million of 2011 notes, 97% of 2013 notes
By Devika Patel
Knoxville, Tenn., Dec. 27 - Helix BioMedix, Inc. completed a tender offer for up to $3,474,000 million of its 8% convertible promissory notes due July 1, 2011 and up to $1 million of 8% convertible promissory notes due July 1, 2013, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company accepted tenders for $3,474,000, or 97%, of the 2011 notes and all $1 million of the 2013 notes in the offer, which launched on Nov. 24 and ended Dec. 27.
The company will amend or convert the notes. It also will amend and exercise the 1,952,000 related warrants which were tendered.
Of the warrants, 1,452,000 were exercisable at $1.00 and the remaining 500,000 were exercisable at $0.80.
The 2011 notes were convertible into shares at $1.00 per share and the 2013 notes were convertible at $0.80 per share. At the holders' option, the two notes and accrued interest will be converted at $0.60 per share or amended so that they will be due July 1, 2015 and convertible into shares at $0.75 per share.
The warrants could be amended and exercised for twice the number of shares into which the existing warrants were exercisable with a strike price that is equal to half of the current exercise price. The warrants could not be amended without being exercised.
The notes that are converted will be canceled. The notes that are amended will remain outstanding following the changes. The warrants will be amended, then exercised and subsequently canceled.
Based in Bothell, Wash., Helix develops bioactive peptides used in skin care products.
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