NORTHVALE, N.J.--(BUSINESS WIRE)--Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (AMEX: ELI) sold the remaining 5,000 authorized shares of its Series C Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”). Each share of Series C Preferred Stock was sold at a price of $1,000 per share and is initially convertible at $2.32 into 431.0345 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), or an aggregate of 2,155,172 shares of Common Stock, resulting in gross proceeds to the Company of $5,000,000. Each purchaser of Series C Preferred Stock also received a warrant to purchase shares of the Company’s Common Stock in an amount equal to 30% of the aggregate number of shares of Common Stock into which the shares of Series C Preferred Stock purchased by such purchaser may be converted. The warrants are exercisable on or before July 17, 2012 and represent the right to purchase an aggregate of 646,551 shares of Common Stock, at an exercise price of $3.00 per share. The lead placement agent for the offering was Oppenheimer & Company, Inc.
