Oxygen Biotherapeutics announced that it has entered into definitive agreements with an institutional investor for a financing of up to $2.1M in gross proceeds. Under the terms of the agreements, Oxygen will issue registered shares of Series B-1 convertible preferred stock for $1.6M in gross proceeds and unregistered shares of Series B-2 convertible preferred stock for $0.5M in gross proceeds, which are convertible into common stock of the Company at 25c per share. The transaction also provides for the issuance by the Company of unregistered warrants to purchase up to 12.6M shares of common stock of the Company with an initial exercise price of 50c. The offering is expected to close on or about Wednesday, February 27.
- Stocks & Offerings
- convertible preferred stock