By Sheri Kasprzak
New York, June 13 - StatSure Diagnostic Systems, Inc. wrapped a $2.15 million private placement of its 8% series A convertible preferreds.
The preferreds are initially convertible into common shares at $0.80 each. The price is adjustable if, over the next five years and while the preferreds remain outstanding, the company enters into another equity financing. At that time, the conversion price will equal the lesser of the initial conversion price or the conversion price or per-share price of the future equity financing.
StatSure may call for the preferreds to be converted if its stock trades above $2.50 for more than 20 consecutive trading days.
The investors also received warrants for 2,015,625 shares, exercisable for five years at $1.50 each.
Chardan Capital Markets, LLC was the placement agent.
Based in Framingham, Mass., StatSure develops medical devices used to detect the presence of drugs or infectious diseases using saliva.
| Issuer: | StatSure Diagnostic Systems, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $2.15 million
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| Dividends: | 8%
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| Conversion price: | $0.80 (initial)
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| Call: | May force conversion if stock trades above $2.50 for more than 20 trading days
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| Warrants: | For 2,015,625 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Placement agent: | Chardan Capital Markets, LLC
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| Settlement date: | June 8
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| Stock symbol: | OTCBB: SSUR
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| Stock price: | $1.20 at close June 8
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