Units include one share, one-year warrant, three-year warrant
By Angela McDaniels
Tacoma, Wash., Aug. 28 – LabStyle Innovations Corp. completed a second tranche of its private placement of units, increasing the amount sold to $2.51 million.
The company settled $1.54 million on July 23 and $962,102 on Aug. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
In total, the company sold 8,207,270 units of one common share, a half-share series A warrant and a half-share series B warrant at $0.30 per unit.
The series A warrants are exercisable at $0.35 for one year. The series B warrants are exercisable at $0.40 for three years. The strike prices are a 6.1% premium and a 21.2% premium, respectively, to the July 22 closing share price of $0.33.
Proceeds will be used for the commercial launch of the company’s Dario product and working capital.
The company is based in Caesarea Industrial Park, Israel, and develops technology for diabetic self-monitoring of blood glucose.
| Issuer: | LabStyle Innovations Corp.
|
| Issue: | Units of one common share, a half-share series A warrant and a half-share series B warrant
|
| Amount: | $2,505,261
|
| Units: | 8,350,870
|
| Price: | $0.30
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | One year (series A), three years (series B)
|
| Warrant strike price: | $0.35 (series A), $0.40 (series B)
|
| Settlement date: | July 23 (for $1,543,159) and Aug. 28 (for $962,102)
|
| Stock symbol: | OTCBB: DRIO
|
| Stock price: | $0.33 at close July 22
|
| Market capitalization: | $10.89 million
|
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