Cogentix Medical enters into definitive agreement for $25 million equity investment

Thursday, September 08, 2016

Cogentix Medical enters into definitive agreement for $25 million equity investment.

Accelmed would purchase $25 million of Cogentix Medical common stock from company at $1.55 per share.

Terms of proposed transaction call for accelmed to have right to nominate two members to cogentix medical board of directors.

Condition to Accelmed investment, co will convert into common shares all outstanding debt, accrued interest owed to lewis pell.

Says currently owes a total of $29.5 million to Pell, one of company's class I directors.

Says debt owed by cogentix to pell will be converted at a price per share of $1.67.

Says agreement with Pell is subject to approval of shareholders of co.

Upon closing of proposed transactions, about 60.3 million shares of common stock outstanding to exist.

 

Source : reuters.com