Series A convertible preferreds sold to lone investor at $1.4125 each
By Devika Patel
Knoxville, Tenn., Aug. 3 - Harbor BioSciences, Inc. completed a $2.83 million private placement of series A convertible preferred stock with a single investor on July 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 2 million preferreds at $1.4125 apiece. Each of the preferreds is convertible into seven common shares. The price per preferred is a 643.42% premium to the July 27 closing share price, $0.19.
Proceeds will be used to pay related expenses and to meet the company's working capital needs.
Harbor BioSciences is developing adrenal steroid hormones as novel pharmaceuticals and potential nutraceuticals for human health and is based in San Diego.
| Issuer: | Harbor BioSciences, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2,825,000
|
| Preferreds: | 2 million
|
| Price: | $1.4125
|
| Conversion ratio: | Into seven common shares
|
| Warrants: | No
|
| Settlement date: | July 28
|
| Stock symbol: | Nasdaq: HRBR
|
| Stock price: | $0.18 at close July 28
|
| Market capitalization: | $6.38 million
|
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