Stock, convertible preferreds sold with warrants by bookrunner Aegis
By Devika Patel
Knoxville, Tenn., Dec. 24 – Rennova Health, Inc. said it priced a $10 million public offering of units with a 15% greenshoe on Wednesday. The deal was announced on Nov. 23.
The company will sell class A units of one common share and one warrant at $1.55 per unit and class B units of one series C convertible preferred share and 645.1613 warrants at $1,000 per unit.
Each warrant will be exercisable at $1.9375 for five years. The strike price is a 4.73% premium to the Dec. 22 closing share price of $1.85.
The preferred stock converts to common stock at $1.55 per share, which is a 16.21% discount to the Dec. 22 closing price.
Aegis Capital Corp. is the bookrunner.
Settlement is expected Dec. 30.
Proceeds will be used for working capital and general corporate purposes.
The healthcare solutions company is based in West Palm Beach, Fla.
| Issuer: | Rennova Health, Inc.
|
| Issue: | Class A units of one common share and one warrant, class B units of one series C convertible preferred share and 645.1613 warrants
|
| Amount: | $10 million
|
| Greenshoe: | 15%
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.9375
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| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | Nov. 23
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 30
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| Stock symbol: | Nasdaq: RNVA
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| Stock price: | $1.85 at close Dec. 22
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| Market capitalization: | $20.64 million
|
|
|
| Class A units
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| Price: | $1.55
|
| Warrants: | One warrant per unit
|
|
|
| Class B units
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| Price: | $1,000
|
| Warrants: | 645.1613 warrants per unit
|
| Conversion price: | $1.55
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