To the thread, re:HEPH-
I hadn't been following this one lately but came across this release about a convertible:
(excerpt)
SAN DIEGO, May 8 /PRNewswire/ -- Hollis-Eden Pharmaceuticals, Inc. (Nasdaq: HEPH), a biopharmaceutical company engaged in the development and commercialization of products for the treatment of infectious diseases and immune system disorders, today announced that it has closed a private financing of approximately $17 million. An aggregate of 1,007,538 Common Shares, $4 million principal amount of Convertible Preferred Stock, and Warrants to purchase 963,808 shares of Common Stock at $17.00 per share were issued in the financing. The Convertible Preferred Stock has an initial conversion price of $20.30 for the first seven months, after which it can be adjusted, either
up or down, based on the future stock prices of the Company's Common Stock.
The financing involved institutional investors and existing stockholders including Colthurst Ltd.. Colthurst Ltd. is controlled by Patrick T. Prendergast Ph.D., founding scientist of the Company. Hollis-Eden and its research affiliates now have approximately $25 million in cash and cash equivalents. The Company has 7,835,708 shares of Common Stock outstanding.
..........
Floorless after seven months? Diluting outside investors interests in favor of Prendergast? |
