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International Stem Cell Corporation Arranges $ 3 Million Equity Financing
8/21/2008
OCEANSIDE, Calif.--(BUSINESS WIRE)--International Stem Cell Corporation (OTCBB: ISCO) has entered into a subscription agreement with an accredited investor to sell three million dollars ($3,000,000) of Series C Preferred Stock at a price of $1.00 per share. The funding is to occur in three tranches. The first, for $700,000, closed August 20, 2008. The second closing for $1,300,000 is scheduled for September 23, 2008 and the final closing of $1,000,000 is scheduled for December 15, 2008, subject to determination by the investor that no material adverse event has occurred. The investor will be entitled to one of the Company’s seven board seats. Each $1.00 share of Series C Preferred will be convertible into shares of common stock at $0.25 per share, subject to antidilution provisions if the company subsequently issues shares at a lower price. The Series C Preferred has priority over the Common Stock on any sale or liquidation of the Company and a preference before any dividend can be paid on Common Stock in any year. Each share of Series C Preferred has the same voting rights as the number of shares of Common Stock into which it is convertible.
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