Raises $13.0M through secured notes, registered direct offering and private placement
Issued two secured promissory notes for $4.1M at 9.0% with $342,000 OID and $6.2M at 5%, generating $10M gross proceeds. - Agreed to sell 2.97M shares of common stock or equivalents at $1.00/shr in a registered direct offering for expected gross proceeds of $2.97M; closing expected on or about July 1st. - Concurrent private placement includes Class A and Class B warrants to purchase up to 2.97M shares each at $1.28/shr; Class A warrants expire 5 years after issuance and Class B warrants expire 1 year after issuance. - Proceeds were used to retire outstanding convertible promissory notes, including accrued interest of about $2.8M, and repay and terminate the receivables-based credit facility; remaining net proceeds intended for working capital.
Issued two secured promissory notes for $4.1M at 9.0% with $342,000 OID and $6.2M at 5%, generating $10M gross proceeds. - Agreed to sell 2.97M shares of common stock or equivalents at $1.00/shr in a registered direct offering for expected gross proceeds of $2.97M; closing expected on or about July 1st. - Concurrent private placement includes Class A and Class B warrants to purchase up to 2.97M shares each at $1.28/shr; Class A warrants expire 5 years after issuance and Class B warrants expire 1 year after issuance. - Proceeds were used to retire outstanding convertible promissory notes, including accrued interest of about $2.8M, and repay and terminate the receivables-based credit facility; remaining net proceeds intended for working capital.