Turkish distributor ITEM Medical Technologies Group is investor
By Susanna Moon
Chicago, Sept. 8 – Guided Therapeutics, Inc. said it arranged a $200,000 private placement of common stock with its Turkish distributor, ITEM Medical Technologies Group.
The company will issue ITEM 651,042 shares of common stock at $0.3072 each and a warrant for an additional 325,521 shares.
The warrants are exercisable at $0.4608 each for five years and are subject to a mandatory exercise provision if the average trading price of the company’s common stock over any 30-consecutive-day trading period exceeds $0.9216, according to a company press release.
The strike price is a 24.54% premium to the company’s closing price on Sept. 5.
Proceeds will be used for efforts to achieve FDA approval for the Guided Therapeutics LuViva Advanced Cervical Scan, to increase manufacturing and international sales of LuViva, to enhance the company’s intellectual property portfolio and for other related corporate purposes.
The medical technology company is based in Norcross, Ga.
| Issuer: | Guided Therapeutics, Inc.
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| Issue: | Common stock
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| Amount: | $200,000
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| Shares: | 651,042
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| Warrants: | For 325,521 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.4608
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| Investor: | ITEM Medical Technologies Group
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| Stock symbol: | OTCBB: GTHP
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| Stock price: | $0.37 at close Sept. 5
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| Market capitalization: | $27.93 million
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