Immune Pharma inks convertible debt deal at $1.75; shares slump 45%
Aug. 24, 2017 9:38 AM ET|About: Immune Pharmaceuticals... (IMNP)|By: Douglas W. House, SA News Editor
•Immune Pharmaceuticals (IMNP -45%) enters into an agreement with institutional investors for the sale of $858K aggregate principal amount of convertible debentures. The conversion price will be $1.75 per common share but could drop as low as $1.00 under certain conditions.
•Net proceeds should be $660K.
•The company has also lowered the conversion price of an earlier (May 4) convertible debt deal to $1.30 from $2.89 in order to secure investors' support for the new transaction.
•Yesterday's close was $2.20.