NEW YORK (GenomeWeb News) – Pressure BioSciences has issued a call notice to holders of its outstanding warrants, the firm said in a filing with the US Securities and Exchange Commission today.
The firm said that each outstanding warrant will continue to be exercisable for preferred stock at an exercise price of $12.50 per share until the close of business on April 27, 2010. On April 28, 2010, any unexercised warrants will be terminated and no longer be exercisable, according to the company.
Pressure BioSciences said that the cash proceeds it will receive will depend upon the number of warrants exercise. There are currently warrants outstanding to purchase 111,519 shares of preferred stock, of which warrants to purchase 101,481 shares of the preferred stock are not held by affiliates of the company.
In addition, Pressure BioSciences said that certain investors, between November 2009 and March 2010, had exercised warrants, purchasing 19,330 shares of preferred stock for an aggregate purchase price of $241,625, as well as 8.152 shares of preferred stock through cashless exercises.
Pressure Bio said that if all of the warrants not held by affiliates are exercised, together with the proceeds from the voluntary exercises of warrants between November and March, the firm will receive total proceeds of approximately $1.5 million from exercise of the warrants.