NEW YORK (GenomeWeb News) – Pressure BioSciences said today that it has raised $1.8 million in a private placement that closed on Thursday, Feb. 12.
In last week’s private placement, the company sold 156,980 units priced at $11.50. Each unit included one share of non-voting Series A convertible preferred stock; a warrant to purchase either 10 shares of common stock at $1.25 per share or one share of preferred stock at $12.50 per share; and a warrant to purchase 10 shares of common stock at $2.00 per share.
Each share of preferred stock is convertible into 10 shares of common stock at a conversion price of $1.15 per common share, the company said.
The 30-day average closing price of the company’s shares at the close of business on Feb. 11, the day before the placement, was $.82 per share. The company’s shares were trading at $.85 as of mid-afternoon today.
In connection with the placement, the company received $200,000 to be held in an escrow account, which will be used as payment for anticipated future purchases of the Company’s pressure cycling technology instrument and consumables products, and not for an investment in the private placement, Pressure BioSciences said.
New York Private Placement and New York Private Placement Memorandum
Private Placement New York and Private Placement Memorandum New York