Series A preferreds, five-year warrants sold to 14 investors in offer
By Devika Patel
Knoxville, Tenn., July 6 – Nemus Bioscience, Inc. completed a $450,000 fourth tranche of a $1.45 million private placement of series A preferred stock with four investors on July 3, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal raised $275,000 with three investors on April 1, $350,000 with two investors on April 7 and $375,000 with five investors on May 29.
The company sold 580,000 preferreds at $2.50 apiece, a 41.18% discount to the March 31 closing share price of $4.25. It sold 110,000 preferreds in the first tranche, 140,000 preferreds in the second, 150,000 preferreds in the third tranche and 180,000 preferreds in the fourth tranche.
The investors also received five-year warrants for 116,000 shares, with warrants for 22,000 shares issued in the first tranche, warrants for 28,000 shares issued in the second tranche, warrants for 30,000 shares issued in the third tranche and warrants for 36,000 shares issued in the fourth tranche.
The warrants are each exercisable at $5.00, which is a 17.65% premium to the March 31 closing share price.
The biopharmaceutical company is based in Costa Mesa, Calif.
| Issuer: | Nemus Bioscience, Inc.
|
| Issue: | Series A preferred stock
|
| Amount: | $1.45 million
|
| Preferreds: | 580,000
|
| Price: | $2.50
|
| Warrants: | For 116,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
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| Settlement dates: | April 1 (for $275,000), April 7 (for $350,000), May 29 (for $375,000), July 3 (for $450,000)
|
| Stock symbol: | OTCBB: NMUS
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| Stock price: | $4.25 at close on March 31
|
| Market capitalization: | $29.93 million
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