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Amedica revises $6 million senior convertible note sold to MG Partners
Company extends maturity, lowers conversion price to $1.00 per share
By Devika Patel
Knoxville, Tenn., April 6 – Amedica Corp. amended the terms of its $6.4 million senior convertible notes on April 2, according to an 8-K filed Monday with the Securities and Exchange Commission. The notes were sold in a private placement with MG Partners II Ltd. on June 30, 2014.
The 6% convertibles’ maturity date may now be extended to June 30, 2017 from June 30, 2016 if the company satisfies certain equity conditions. The notes will now be convertible into common stock at $1.00 per share, a 78.5% discount to the June 27 closing share price (Nasdaq: AMDA) of $4.65. The notes originally were convertible into stock at $3.75 per share, a 19.36% discount to the June 27 closing share price.
The commercial biomaterial company is based in Salt Lake City.
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