Company sells convertible promissory notes due Dec. 31, 2016 in deal
By Devika Patel
Knoxville, Tenn., Jan. 7 – Transgenomic, Inc. completed a private placement of $750,000 of unsecured convertible promissory notes with a lone investor on Dec. 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 6% note matures on Dec. 31, 2016. The investor may convert up to 50% of the note’s principal and interest into common stock at a conversion price equal to the lesser of the average closing price of the stock during the 20 consecutive trading days preceding conversion and $2.20.
Transgenomic is a biotechnology company based in Omaha.
| Issuer: | Transgenomic, Inc.
|
| Issue: | Unsecured convertible promissory note
|
| Amount: | $750,000
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 6%
|
| Conversion price: | The lesser of the average closing price of the stock during the 20 consecutive trading days preceding conversion and $2.20
|
| Call: | Yes
|
| Warrants: | No
|
| Settlement date: | Dec. 31
|
| Stock symbol: | Nasdaq: TBIO
|
| Stock price: | $2.26 at close Dec. 30
|
| Market capitalization: | $16.33 million
|
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