Imaging3 sells $1M in stocks, warrants
Two institutional investors have agreed to purchase $1 million worth of Imaging3 common stock and warrants. The securities purchase agreement, which is expected to close by Oct. 14, includes the sale of approximately 4.59 million Imaging3 shares at a 20 percent discount from the Oct. 1 closing price.
The sale also includes Series A-C warrants for optional purchases of nearly 1.5 million shares over the next five years, with share prices fixed between $0.22 and $0.27.
Imaging3, which provides technology medical imaging devices, said that the proceeds will provide the company with one year worth of working capital. The Burbank, Calif.-based company agreed not to use the proceeds to satisfy debt, redeem securities or in connection with any litigation involving Imaging3.
The sale also includes Series A-C warrants for optional purchases of nearly 1.5 million shares over the next five years, with share prices fixed between $0.22 and $0.27.
Imaging3, which provides technology medical imaging devices, said that the proceeds will provide the company with one year worth of working capital. The Burbank, Calif.-based company agreed not to use the proceeds to satisfy debt, redeem securities or in connection with any litigation involving Imaging3.