DARA BioSciences (DARA) Enters $1.7M Financing Though Series B Convertible Preferred Sale
Tweet
Share
E-mailGet Alerts DARA Hot Sheet
Join SI Premium – FREE
DARA BioSciences, Inc. (Nasdaq: DARA) today announced that it has entered into a definitive agreement with one institutional investor providing for the sale of $1.7 million of shares of Series B convertible preferred stock (which are convertible into a total of 1,238,616 shares of common stock) and warrants to purchase 619,308 shares of common stock. Subject to certain ownership limitations, the Series B preferred stock is convertible at any time at the option of the holder into shares of common stock at a conversion price of $1.3725 per share. The transaction is expected to close on or about January 20, 2012, subject to satisfaction of customary closing conditions.
The warrants represent the right to acquire shares of common stock at an exercise price of $1.31 per share, which was above the closing price of the Company's common shares on the NASDAQ Capital Market on January 13, 2012, and will expire on the fifth anniversary following the date of issuance.
The warrants represent the right to acquire shares of common stock at an exercise price of $1.31 per share, which was above the closing price of the Company's common shares on the NASDAQ Capital Market on January 13, 2012, and will expire on the fifth anniversary following the date of issuance.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- McCormick board member to resign after CFO appointment at Best Buy
- Lucid Group names three executives to commercial, finance, marketing roles
- Gulf Resources gets Nasdaq notice over late quarterly filing
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
