Converted Organics (COIN) Announces $15.9M Shelf
Converted Organics Inc. (NASDAQ: COIN) announced the pricing of 15,000,000 units at $1.06 per unit in a public offering for gross proceeds of $15,900,000.00.
In addition, the underwriters have a 45-day option to purchase up to 2,250,000 additional units to cover over-allotments, if any. Each unit consists of one share of common stock, and one newly created Class H warrant, with each Class H warrant exercisable for one share of common stock at an exercise price of $1.30 per share.
The warrants will expire on October 14, 2014. The units are listed on the NASDAQ Capital Market under the symbol "COINU" and the Class H warrants are expected to be listed on the NASDAQ Capital Market under the symbol "COINW," at such time as the warrant is detached from the unit.
The sole bookrunning manager of the offering is Chardan Capital Markets, LLC.
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