- CombiMatrix (NASDAQ:CBMX -2%) enters into a definitive purchase agreement with institutional investors to sell up to 1,542,000 shares of common stock at $1.75 per share and up to 2,201.5 units at $1,000 per unit. Each unit consists of one share of Series E convertible preferred stock accruing at 6% per year and a warrant to purchase ~318 shares of common stock at $1.97 per share.
- In total, the Series E shares are convertible into 1,258,000 shares of common stock and the warrants are exercisable for up to 700,000 shares of common.
- Net proceeds of $4.75M will be used for general corporate purposes.