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Converted Organics Inc.
Converted Organics Inc. Exercise of Previously Issued Warrants and Registered Direct Offering of Warrants
June 14th, 2009
Converted Organics Inc. (NASDAQ:COIN) announced it has entered into a definitive agreement with institutional investors pursuant to which such investors have agreed to exercise previously issued warrants to purchase 1,500,000 shares of common stock at an exercise price of $1.40 per share, for an aggregate cash amount of $2.1 million, and pursuant to which Converted Organics has agreed to issue such investors warrants to purchase 1,500,000 shares of common stock at an exercise price of $1.61 per share expiring on August 15, 2009, in a registered direct offering. The warrants are callable by the Company at any time after the common stock has closed at or above $2.42 for five consecutive...
Source: Pharma Investments, Ventures & Law Weekly (2009-06-14)
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