7% convertible preferreds sold along with 10% exchangeable preferreds
By Devika Patel
Knoxville, Tenn., June 9 - CAS Medical Systems, Inc. said it completed a $15 million private placement of 7% series A convertible preferred stock and 10% series A exchangeable preferred stock with Thomas, McNerney & Partners. Roth Capital Partners was the agent.
The series A convertible preferreds are convertible into common shares at $2.82 per share, which is an 11.46% premium to the June 8 closing share price of $2.53.
The company will seek shareholder approval to amend the terms of the non-voting series A exchangeable preferred stock to be identical to the series A convertible preferreds.
Proceeds will be used for ongoing operating and growth initiatives related to the company's FORE-SIGHT Absolute Tissue Oximeter business and its Traditional Monitoring Products segment.
Based in Branford, Conn., CAS Medical designs and manufactures patient care products.
| Issuer: | CAS Medical Systems, Inc.
|
| Issue: | Series A convertible preferred stock, series A exchangeable preferred stock
|
| Amount: | $15 million
|
| Conversion price: | $2.82
|
| Dividends: | 7% (convertibles), 10% (exchangeables)
|
| Warrants: | No
|
| Agent: | Roth Capital Partners
|
| Investor: | Thomas, McNerney & Partners
|
| Settlement date: | June 9
|
| Stock symbol: | Nasdaq: CASM
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| Stock price: | $2.53 at close June 8
|
| Market capitalization: | $33.6 million
|
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