Series A convertible preferred stock sold with five-year warrants
By Devika Patel
Knoxville, Tenn., May 10 - Cellceutix Corp. arranged a $1 million private placement of series A convertible preferred stock on May 8, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company settled an initial tranche at pricing for $100,000.
The preferreds, priced at $10.00 apiece, are convertible into common shares at a price equal to the lesser of 85% of the closing bid price on the date of prior to each closing or 85% of the lowest bid price for the 15 days preceding the conversion.
Investors also will receive 100% warrant coverage, with each warrant exercisable for five years.
The biopharmaceutical company is based in Beverly, Mass.
| Issuer: | Cellceutix Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1 million
|
| Price: | $10.00
|
| Conversion price: | The lesser of 85% of the closing bid price on the date of prior to each closing or 85% of the lowest bid price for the 15 days preceding the conversion
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Pricing date: | May 8
|
| Settlement date: | May 8 (for $100,000)
|
| Stock symbol: | OTCBB: CTIX
|
| Stock price: | $0.51 at close May 7
|
| Market capitalization: | $43.68 million
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