iCad inks $7m private placement deal

iCad (NSDQ:ICAD) said this week that it landed a $7 million private placement deal with institutional investors.

The company will pay interest to the investors on the oustanding principal amount at an annual rate of 5%, according to a report filed with the SEC. The convertible debentures mature on Dec. 21, 2021.

Prior to the maturity date, the convertible debentures can be converted into shares of common stock at $4.00 per share, iCad added.

The private placement, which closed earlier this month, resulted in net proceeds of roughly $6.5 million. The company said it plans to use the money for general corporate purposes.

Earlier this year, iCad re-jiggered its board of directors, naming a new chairman and reorganizing its oversight committees, after a member filed his resignation.

Longtime shareholder Andy Sassine tendered his resignation in September, writing that he could “no longer stand idly by while the Board’s inaction and misdirection directly harms the interests of iCad’s shareholders.”

The post iCad inks $7m private placement deal appeared first on MassDevice.

from MassDevice http://bit.ly/2BL1dEe