Shareholders receive subscription rights to buy shares at $0.60 apiece
By Devika Patel
Knoxville, Tenn., March 4 - Nephros, Inc. plans a rights offering to raise up to $3 million, according to a Form S-1 filed Monday with the Securities and Exchange Commission.
The company will offer rights for up to 5 million common shares. Each subscription right will entitle its holder to purchase a common share at the subscription price of $0.60, a 36.84% discount to the closing share price of $0.95 on March 1.
Proceeds will be used to repay debt and for general corporate purposes, including working capital and operating expenses.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 5 million
|
| Price: | $0.60
|
| Warrants: | No
|
| Pricing date: | March 4
|
| Stock symbol: | OTCBB: NEPH
|
| Stock price: | $0.95 at close March 1
|
| Market capitalization: | $11.45 million
|
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