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Inspyr Therapeutics Announces Private Placement of Senior Convertible Debentures
Inspyr Therapeutics Announces Private Placement of Senior Convertible Debentures.
About this update from Rebus Hldgs Inc.
[{"type":"text","content":"\n\n WESTLAKE VILLAGE, Calif., Sept. 12, 2017 (GLOBE NEWSWIRE) -- Inspyr Therapeutics (OTCQB:NSPX), a clinical-stage biotechnology company developing a novel prodrug therapeutic for the treatment of cancer, announced today that the company has entered into definitive agreements with institutional and accredited investors, led by a healthcare-dedicated fund, for the private placement of senior convertible debentures with principal amount of $320,000 for gross proceeds of $250,000 and the cancellation of $70,000 in outstanding obligations of the company.  The debentures will be non-interest bearing, will mature one (1) year from the date of issuance and will be convertible into common stock of the Company at the holder’s election at any time, subject to a beneficial ownership limitation.   The debentures will have a conversion price equal to the lesser of (i) $0.33 and (ii) 85% of the lesser of (a) the volume weighted average price on the trading day immediately preceding a conversion date and (b) the volume weighted average price on a conversion date.  The conversion price of the debentures is subject to anti-dilution protection in the event of subsequent equity sales at a price that is lower than then applicable conversion price.\n The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors. Pursuant to a registration rights agreement entered into with the investors, the Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock underlying the convertible debentures within 45 days. This release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Further details of the tran...