Offering sells stock to Amzak Capital Management at $1.02 per share
By Devika Patel
Knoxville, Tenn., Dec. 27 - IGI Laboratories, Inc. settled a $2 million private placement of stock with Amzak Capital Management, LLC on Dec. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 1,965,740 common shares at about $1.02 per share, which is a 2% premium to the closing price of the stock on Dec. 20 of $1.00.
The investor also received 10-year warrants for 387,201 shares, each exercisable at $0.01.
Proceeds will be used for a proposed product acquisition.
IGI is a pharmaceutical company based in Hillside, N.J.
| Issuer: | IGI Laboratories, Inc.
|
| Issue: | Common stock
|
| Amount: | $2 million
|
| Shares: | 1,965,740
|
| Price: | $1.02 (approximate)
|
| Warrants: | For 387,201 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.01
|
| Investor: | Amzak Capital Management, LLC
|
| Settlement date: | Dec. 21
|
| Stock symbol: | NYSE: IG
|
| Stock price: | $1.00 at close Dec. 20
|
| Market capitalization: | $41.16 million
|
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