Investors also get five-year warrants for about 900,000 common shares
By Devika Patel
Knoxville, Tenn., May 12 – Nephros, Inc. said it will raise about $1.2 million in a private placement of stock.
The company will sell about 1.8 million common shares at $0.67 apiece, a 10.67% discount to the May 11 closing share price of $0.75.
Investors also will receive warrants for about 900,000 shares, which are each exercisable at $0.85 for five years. The strike price is a 13.33% premium to the May 11 closing share price.
Settlement is expected May 15.
Nephros is a New York-based medical device company.
| Issuer: | Nephros, Inc.
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| Issue: | Common stock
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| Amount: | $1.2 million (approximate)
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| Shares: | 1.8 million (approximate)
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| Price: | $0.67
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| Warrants: | For about 900,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.85
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| Pricing date: | May 12
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| Settlement date: | May 15
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| Stock symbol: | OTCBB: NEPH
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| Stock price: | $0.75 at close May 11
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| Market capitalization: | $22.69 million
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