Units comprised of stock, convertible preferreds, seven-year warrants
By Devika Patel
Knoxville, Tenn., June 15 – CareDx, Inc. arranged a private placement of units to raise about $8 million on June 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell units of one common share, five 0% series A mandatorily convertible preferred shares and three warrants at $23.94 per unit.
Each preferred initially converts to common stock at $3.99 per common share.
The warrants are each exercisable at $4.98 for seven years. The strike price is a 1.01% premium to the June 14 closing share price of $4.93. The conversion price is a 19.07% discount to that price.
Proceeds will be used for working capital and general corporate purposes.
The Brisbane, Calif., company has developed a blood-based test used to monitor heart transplant recipients for acute cellular rejection.
Issuer: | CareDx, Inc.
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Issue: | Units of one common share, five series A mandatorily convertible preferred shares and three warrants
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Amount: | $8 million (approximate)
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Price: | $23.94
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Dividends: | 0%
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Conversion price: | $3.99
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Warrants: | Three warrants per unit
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Warrant expiration: | Seven years
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Warrant strike price: | $4.98
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Pricing date: | June 15
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Stock symbol: | Nasdaq: CDNA
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Stock price: | $4.93 at close June 14
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Market capitalization: | $70.01 million
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