By Susanna Moon
Chicago, July 18 - Elite Pharmaceuticals, Inc. said it closed a $5 million private placement of series C convertible preferred stock.
The company said it sold the 5,000 shares of its convertible preferreds at $1,000 each.
The preferreds are convertible into 431.0345 common shares at $2.32 each, for a total of 2,155,172 common shares.
The investors will also receive 646,551 warrants, exercisable at $3.00 each until July 17, 2012.
Oppenheimer & Co., Inc. was the lead agent for the offering.
Based in Northvale, N.J., Elite develops oral controlled-release products.
| Issuer: | Elite Pharmaceuticals, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $5 million
|
| Shares: | 5,000
|
| Price: | $1,000
|
| Conversion ratio: | Into 431.0345 common shares
|
| Conversion price: | $2.32
|
| Warrants: | 646,551
|
| Warrant expiration: | July 17, 2012
|
| Warrant strike price: | $3.00
|
| Placement agent: | Oppenheimer & Co., Inc.
|
| Settlement date: | July 17
|
| Stock symbol: | Amex: ELI
|
| Stock price: | $2.69 at close July 17
|
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