Raymond Stachowiak, John Ruffle, Mert Ozyurek, David Larson invested
By Devika Patel
Knoxville, Tenn., Oct. 24 – American Shared Hospital Services settled a $1 million private placement of promissory notes with Raymond C. Stachowiak, John Ruffle, Mert Ozyurek and David A. Larson on Oct. 22, according to an 8-K filed Friday with the Securities and Exchange Commission. It also raised $220,000 in a private placement of stock with Stachowiak on the same date.
The 15% notes are due on Oct. 22, 2017. The company may prepay the notes after Dec. 31, 2015 and there is a mandatory redemption feature.
The investors also received warrants for 200,000 shares, which are each exercisable at $2.20 for three years. The strike price is identical to the Oct. 21 closing share price.
The company also sold 100,000 common shares to Stachowiak at $2.20 apiece, which is also identical to the Oct. 21 closing share price.
Proceeds were used with cash on hand to make two milestone payments of $1 million each to Mevion Medical Systems, Inc. The payments were due under the company’s Feb. 26, 2007 System Build Agreement concerning a Clinatron 250 Proton Beam Radiation Therapy System Unit which is to be installed at Orlando Health.
The San Francisco company provides Gamma Knife stereotactic radiosurgery equipment and radiation therapy and related equipment to medical centers.
| Issuer: | American Shared Hospital Services
|
| Issue: | Promissory notes, common stock
|
| Amount: | $1.22 million
|
| Settlement date: | Oct. 22
|
| Stock symbol: | NYSE: AMS
|
| Stock price: | $2.20 at close Oct. 21
|
| Market capitalization: | $11.36 million
|
|
|
| Notes
|
| Amount: | $1 million
|
| Maturity: | Oct. 22, 2017
|
| Coupon: | 15%
|
| Call: | After Dec. 31, 2015
|
| Warrants: | For 200,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $2.20
|
| Investors: | Raymond C. Stachowiak, John Ruffle, Mert Ozyurek and David A. Larson
|
|
|
| Stock
|
| Amount: | $220,000
|
| Shares: | 100,000
|
| Price: | $2.20
|
| Warrants: | No
|
| Investors: | Raymond C. Stachowiak
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
