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  • International Stem Cell Corp. (ISCO) Secures $10.25 Million Stock Purchase Agreement At Low Cost Of Capital 0 comments
    Dec 11, 2013 10:42 AM | about stocks: ISCO

    Today before the opening bell, International Stem Cell announced that it has entered into a purchase agreement with Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor, which has agreed to invest up to $10.25 million of the company's common stock over a 36-month term.

    "We are pleased to have this new financing arrangement in place with Lincoln Park Capital," said Dr. Andrey Semechkin, CEO and Co-Chairman. "The agreement gives us access to a significant new source of funding, strengthens our balance sheet, and provides us the flexibility we have been looking for at a low cost of capital."

    $250,000 of ISCO common stock will be purchased one business day prior to ISCO's filing of a registration statement covering the resale of the shares that may be issued to LPC. Once the registration statement with the U.S. Securities and Exchange Commission is deemed effective, International Stem Cell Corp., at its sole discretion, has the right to sell to LPC up to an additional $10.0 million of its common stock, subject to certain conditions.

    ISCO has been given control over the timing and amount of any future investment and LPC is obligated to make such purchases. There are no upper limits to the price LPC may pay to purchase ISCO common stock and the purchase price of the shares related to any future investments will be fixed pursuant to a formula based upon the prevailing market prices of the company's shares at the time of sale to LPC. LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of the company's shares of common stock. The agreement may be terminated by ISCO at any time, at its sole discretion, without any cost or penalty.

    A more detailed description of the purchase agreement is available via the Form 8-K filed with the SEC on December 11, 2013.

    For more information, visit internationalstemcell.com

    QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net

    Stocks: ISCO
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