Offering with Lincoln Park negotiated without any fixed discount
By Devika Patel
Knoxville, Tenn., April 27 - Vision-Sciences, Inc. arranged a $15 million share purchase agreement with Lincoln Park Capital Fund, LLC on April 27, according to an 8-K filed Friday with the Securities and Exchange Commission. The investor will initially invest $1 million, and the size of the offering may be increased by an additional $6 million.
The company will sell the common shares to Lincoln Park over three years. The pricing will be fixed through a formula based upon market prices of the common stock without any fixed discount.
Lincoln Park will buy the shares in $150,000 tranches after the first $1 million. It received 160,000 shares as a commitment fee and will get additional shares pro rata, when it purchases additional shares.
Based in Natick, Mass., Vision-Sciences develops, manufactures and markets endoscopic products.
| Issuer: | Vision-Sciences, Inc.
|
| Issue: | Share purchase agreement
|
| Amount: | $15 million
|
| Tenor: | Three years
|
| Price: | No fixed discount
|
| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 160,000 shares
|
| Pricing date: | April 27
|
| Stock symbol: | Nasdaq: VSCI
|
| Stock price: | $1.69 at close April 26
|
| Market capitalization: | $74.04 million
|
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