Units sold at $0.75 apiece; offering funds general corporate purposes
By Devika Patel
Knoxville, Tenn., March 6 - Lpath, Inc. priced a $9.27 million private placement of units on March 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Summer Street Research Partners and Morgan Joseph TriArtisan LLC will conduct the deal on a reasonable best efforts basis.
The company will sell 12,358,667 units of one class A common share and a half-share warrant at $0.75 per unit.
The whole warrants will be exercisable at $1.10 each for five years. The strike price is a 12.25% premium to the March 5 closing share price of $0.98.
Settlement is expected March 9.
Proceeds will be used for general corporate purposes.
San Diego-based Lpath develops therapeutic treatments for human diseases.
| Issuer: | Lpath, Inc.
|
| Issue: | Units of one class A common share and a half-share warrant
|
| Amount: | $9,269,000
|
| Units: | 12,358,667
|
| Price: | $0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.10
|
| Agents: | Summer Street Research Partners and Morgan Joseph TriArtisan LLC
|
| Pricing date: | March 6
|
| Settlement date: | March 9
|
| Stock symbol: | OTCBB: LPTN
|
| Stock price: | $0.98 at close March 5
|
| Market capitalization: | $47.32 million
|
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