Units of one common share, two half-share warrants sold at $1.80 each
By Devika Patel
Knoxville, Tenn., Jan. 7 - Vycor Medical Inc. settled a $1.28 million tranche of a $3 million private placement of units on Jan. 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal may be increased by $2 million.
The company is selling units of one common share and two half-share warrants at $1.80 per unit.
One of the three-year warrants will be exercisable at $2.05, with the other exercisable at $3.08. The strike prices are identical and a 50.24% premium, respectively, to the Dec. 31 closing share price.
The medical device company is based in Boca Raton, Fla.
Issuer: | Vycor Medical Inc.
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Issue: | Units of one common share and two half-share warrants
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Amount: | $3 million
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Price: | $1.80
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Warrants: | Two half-share warrants per unit
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Warrant expiration: | Three years
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Warrant strike price: | $2.05, $3.08
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Settlement date: | Jan. 2 (for $1,276,900)
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Stock symbol: | OTCBB: VYCO
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Stock price: | $2.05 at close Dec. 31
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Market capitalization: | $14.48 million
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