By Sheri Kasprzak
Atlanta, Oct. 18 - Elite Pharmaceuticals raised $1.67 million in a private placement, the company said Monday.
In the deal, 119,286 of series A preferred shares were sold at $14 per share. The shares are convertible into 10 shares of common stock.
Two warrants per preferred were also issued, each exercisable for five shares for a total of up to 1,192,860 shares of common stock at $1.75.
The placement agent in the deal, Indigo Securities LLC, was issued warrants for 119,286 preferred shares and 119,286 common share warrants at $1.40 exercisable for five years.
On Oct. 12, the company announced it had closed a $4.663 million private placement. That deal was done through the issuance of 379,121 shares of series A preferred stock at $12.30.
Elite Pharmaceutical is based in Northvale, N.J., and specializes in oral controlled-release products. The funds raised from both Monday's private placement and its Oct. 12 deal will be used to develop the company's line of pain products.
| Issuer: | Elite Pharmaceuticals Inc.
|
| Issue: | Stock
|
| Amount: | $1.67 million
|
| Shares: | 119,286 of series A preferred stock
|
| Price: | $14
|
| Warrants: | 1,192,860 common shares (or five shares per warrant, two warrants per preferred share)
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Placement agent: | Indigo Securities LLC
|
| Settlement date: | Oct. 12
|
| Announcement date: | Oct. 18
|
| Stock price: | $1.75 at close Oct. 12
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
