Units consist of one class A preferred and warrants for eight shares
By Devika Patel
Knoxville, Tenn., June 16 – Cryoport, Inc. completed a $432,156 private placement of its class A convertible preferred stock on June 10 and June 13, according to an 8-K filed Monday with the Securities and Exchange Commission. Emergent Financial Group, Inc. was the agent.
The company sold 36,013 units of one preferred and warrants for eight shares at $12.00 per unit.
The warrant is exercisable at $0.50 until March 31, 2019. The strike price reflects a 16.28% premium to the June 9 closing share price of $0.43.
Proceeds will be used for working capital purposes.
Based in Lake Forest, Calif., CryoPort provides packaging for temperature-sensitive biological materials.
Issuer: | Cryoport, Inc.
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Issue: | Units of one class A convertible preferred share and warrants for eight shares
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Amount: | $432,156
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Units: | 36,013
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Price: | $12.00
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Warrants: | Warrants for eight shares per unit
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Warrant expiration: | March 31, 2019
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Warrant strike price: | $0.50
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Agent: | Emergent Financial Group, Inc.
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Settlement date: | June 10 and June 13
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Stock symbol: | OTCBB: CYRX
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Stock price: | $0.43 at close June 9
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Market capitalization: | $28.59 million
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