Offering includes warrants; senior secured notes sold for $5.3 million
By Devika Patel
Knoxville, Tenn., July 2 - Adamis Pharmaceuticals Corp. offered further details on a sale of $6.5 million of senior secured convertible promissory for $5.3 million in an 8-K filed Tuesday with the Securities and Exchange Commission. The deal was announced Monday and settled on June 26.
The notes are due Dec. 26, 2013 and are convertible into common stock at $0.50 per share, which is a 23.08% discount to the June 25 closing share price of $0.65.
In addition, investors received warrants for 13,004,316 shares. Each warrant is exercisable at $0.715 for five years. The strike price is a 10% premium to the June 25 closing price.
LifeTech Capital was the agent.
Proceeds will be used for operations, to advance some of the company's product candidates and enable acquisitions of products, assets or technologies.
The specialty pharmaceutical company is based in San Diego.
| Issuer: | Adamis Pharmaceuticals Corp.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $6,502,158
|
| Maturity: | Dec. 26, 2013
|
| Price: | $5.3 million
|
| Conversion price: | $0.50
|
| Warrants: | For 13,004,316 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.715
|
| Agent: | LifeTech Capital
|
| Announcement date: | July 1
|
| Settlement date: | June 26
|
| Stock symbol: | OTCBB: ADMP
|
| Stock price: | $0.65 at close June 25
|
| Market capitalization: | $71.01 million
|
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