For example:
ir.sunesis.com
...On October 30, 2009, the Company completed the sale of $5.0 million of units, consisting of Series A Preferred Stock and warrants to purchase common stock, in connection with the second closing of the Private Placement. The Company issued approximately 1.45 million shares of Series A Preferred Stock in the second closing, which are initially convertible into approximately 14.5 million shares of common stock, and warrants to purchase approximately 14.5 million shares of common stock. The per unit purchase price for a share of Series A Preferred Stock and a warrant to purchase 10 shares of common stock was $3.45, which is equivalent to the purchase price of the units sold in the initial closing of $10.0 million units in April 2009 in accordance with the terms of the Private Placement. The warrants issued at the second closing have an exercise price of $0.22 per share and a term of seven years from issuance. The net proceeds, after deducting placement agent fees and other estimated offering expenses payable by the Company, are expected to be approximately $4.7 million. The terms and conditions of the convertibility of the Series A Preferred Stock are discussed in greater detail in Item 5.03 of the Company’s Current Report on Form 8-K filed with the SEC on April 3, 2009 as well as in Item 5.03 below, and are incorporated herein by reference. The Company expects all net proceeds received from the initial closing of the Private Placement to be used for working capital and other general corporate purposes.
The shares of Series A Preferred Stock sold in the second closing were offered and sold in the Private Placement to the Investors without registration under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws, in reliance on the exemptions provided by Section 4(2) of the Securities Act, and Regulation D promulgated thereunder and in reliance on similar exemptions under applicable state laws. Accordingly, the securities to be issued in the Private Placement have not been registered under the Securities Act, and until so registered, these securities may not be offered or sold in the United States absent registration or availability of an applicable exemption from registration...
There's a reason for looking at SEC filings, especially in a stock no-one follows much (and I've never had a position in SNSS) - just as it pays to listen to rkrw.
(edit) You'll find this equally entertaining:
ir.sunesis.com |
