- NeuroMetrix (NASDAQ:NURO) enters into a securities purchase agreement with an institutional investor for the private placement of 13,800 shares of Series C convertible preferred stock at $1,000 per share and two series of warrants to purchase ~10.8M shares of common stock at $2.30 per share.
- The Series C offering is convertible into a aggregate of ~5.4M shares of common stock at $2.55 per share. 5.4M of the warrants expire 12 months from the effective date of the resale registration statement and 5.4M expire in five years from the same date. Both are immediately exercisable.
- Closing date is December 31.
- Proceeds will fund the redemption of 63,000 shares of Series B convertible preferred stock held by the same investor (~$6.3M) and working capital.
- Yesterday's close was $2.31.