Craig-Hallum Capital Group assists in financing working capital needs
By Devika Patel
Knoxville, Tenn., Feb. 17 - CryoPort, Inc. said it completed a $5.02 million private placement of stock with warrants. Craig-Hallum Capital Group LLC was the agent, and Emergent Financial Group, Inc. was co-placement agent.
The company sold 9,119,100 common shares at $0.55 per share with 100% warrant coverage. The price per share is a 21.43% discount to the Feb. 16 closing share price of $0.70.
The warrants are each exercisable at $0.69, a 1.43% discount to the Feb. 16 closing share price.
Proceeds will be used for working capital purposes.
Based in Lake Forest, Calif., CryoPort provides packaging for temperature-sensitive biological materials.
| Issuer: | CryoPort, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $5,015,505
|
| Units: | 9,119,100
|
| Price: | $0.55
|
| Warrants: | One warrant per share
|
| Warrant strike price: | $0.69
|
| Agents: | Craig-Hallum Capital Group LLC and Emergent Financial Group, Inc.
|
| Settlement date: | Feb. 17
|
| Stock symbol: | OTCBB: CYRX
|
| Stock price: | $0.70 at close Feb. 16
|
| Market capitalization: | $20.93 million
|
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