Series B preferreds sold along with five-year warrants via offering
By Devika Patel
Knoxville, Tenn., Feb. 24 – VistaGen Therapeutics, Inc. completed a $200,000 private placement of its 10% series B convertible preferred stock on Feb. 17, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold units of 28,571 preferreds and warrants for 28,571 common shares.
The warrant is exercisable at $7.00 for five years. The strike price reflects a 12.5% discount to the Feb. 16 closing share price of $8.00.
Proceeds will be used for general corporate purposes.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cells.
| Issuer: | VistaGen Therapeutics, Inc.
|
| Issue: | Units of 28,571 series B convertible preferred shares and warrants for 28,571 common shares
|
| Amount: | $200,000
|
| Dividend: | 10%
|
| Warrants: | Warrants for 1.25 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.00
|
| Settlement date: | Feb. 17
|
| Stock symbol: | OTCBB: VSTA
|
| Stock price: | $8.00 at close Feb. 16
|
| Market capitalization: | $13.98 million
|
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