In an 8-K
filed with the SEC today, VistaGen Therapeutics announced that Platinum Long
Term Growth VII, LLC, the company’s largest investor, has entered into an
Amended and Restated Note Conversion Agreement and Warrant Amendment.
According
the SEC filing, Platinum has agreed to convert all senior secured convertible
promissory notes currently held into unregistered equity securities upon the
consummation on or before August 31, 2014, of either a private equity financing
resulting in aggregate gross proceeds of at least $36.0 million, or a
registered equity financing resulting in gross proceeds of $10.0 million or
more. The deal would significantly improve VistaGen’s balance sheet.
Additionally,
pursuant to the terms and conditions of the amendment and consummation of a
qualified financing on or before August 31, 2014, the exercise price of all
warrants issued by VistaGen to Platinum in connection with the notes, and
warrants that still may be issued pursuant to the note exchange and purchase
agreement dated October 11, 2012, if any, will be fixed at $0.50 per share or
the purchase price of common stock sold in the qualified financing, whichever
is lower. Finally, the anti-dilutive provisions contained in the warrants,
other than typical adjustments for stock splits, combinations and dividends,
will be terminated.
Platinum
also agreed to terminate the amended and restated security agreement,
intellectual property security and stock pledge agreement and negative covenant
agreement, each dated October 11, 2012, related to the Notes, and release all
of its security interests in the assets of VistaGen and its subsidiaries in
connection with the company’s completion of a Qualified Financing and
conversion of the Notes.
To read
the whole filing, visit www.dtg.fm/vsta-8k-7-22-14
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to find, evaluate, and learn more about investing in these companies.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
No comments:
Post a Comment