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WALTHAM, Mass.--(BUSINESS WIRE)--NeuroMetrix, Inc. (Nasdaq:NURO) (the “Company” or “NURO”), a medical device company focused on the diagnosis and treatment of the neurological complications of diabetes, today announced that it entered into a definitive securities purchase agreement with a single institutional investor providing for the issuance of $5,000,000 of shares of Series A-1 and Series A-2 convertible preferred stock (convertible into a combined total of 2,386,635 shares of common stock) and five year warrants to purchase up to 2,386,635 shares of common stock at an exercise price of $2.00 per share. Subject to certain ownership limitations, the Series A-1 and Series A-2 convertible preferred stock is convertible at any time into shares of common stock at an initial conversion price of $2.095 per share (which represents a price above the closing price of the common stock on the previous trading day). The preferred stock is not entitled to dividends and will not have any preferences over the Company’s common stock, including liquidation rights.
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