CombiMatrix Corp. (CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer, has inked an agreement to issue securities in a private placement transaction to certain accredited investors that would result in proceeds of $2.4 million, to be received in two tranches, with the first tranche likely to close within two days and the second tranche to close following stockholder approval.
The financing is through the sale of Series C convertible preferred stock with the first tranche having an initial conversion price of $3.05 per share and warrants to purchase 125% of the number of shares underlying the Series C convertible preferred stock at an initial exercise price of $3.77 per share. The Series C convertible preferred stock accrues an annual dividend of 6%, which rate shall increase by 1% per year, not to exceed 10%. The warrants are not exercisable for six months and are exercisable for five years thereafter.
The preferred stock is not convertible until stockholder approval has been obtained. Following the completion of the first tranche, the company would receive gross proceeds of $1.2 million from the investors. The company plans to file a proxy statement within the next few days to seek stockholder approval to close the second tranche for proceeds of $1.2 million from the investors. According to a registration rights agreement, the company would file a resale registration statement to register the shares underlying the preferred stock and warrants issued in the first tranche within 15 days upon completion.
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