February 26, 2008 -- Lotus Pharmaceuticals, Inc. (OTCBB: LTUS) raised $5 million by selling 5,747,118 series A convertible redeemable preferred shares in a private placement at a price of 80 cents per share. The offering contained an interesting “make good” clause. Lotus founders put 7.5 million of their personal shares into an escrow account, which will be released back to the founders if Lotus meets specified financial goals for 2007-2009 and if Lotus migrates to an NASDAQ listing. More details...
