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| PSID Receives Strategic Financing |
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 Hot Stock to Watch |
Company: PositiveID Corporation (OTCQB: PSID)
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Last:
Price: 0.0332
Change (%): - 0.0008 (2.35)
Volume: 1,440,271 |
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PositiveID Corporation Enters Into Strategic Financing for 4 Million Dollars
Proceeds to be Used to Continue Development of PositiveID's Firefly Dx Handheld Rapid Diagnostic Device
DELRAY BEACH, Fla., Nov. 26, 2014 (GLOBE NEWSWIRE) - PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today it has entered into definitive agreements with an institutional investor (“Investor”) for an aggregate subscription amount of 4,000,000 dollars. The Company will use the proceeds to continue the development of its Firefly Dx, a real-time, hand held, polymerase chain reaction (PCR) pathogen detection system, restructure the Company’s existing debt, and for general working capital.
The Company will issue a series of 4% original issue discount senior secured convertible promissory notes to the Investor, with a total principal amount of 4,000,000 dollars, funded over the next seven months in a series of eight notes, which accrue interest at 12% per annum. The Investor has the right to convert the notes into shares of the Company’s common stock at a fixed conversion price equal to 95% of the trading price immediately prior to the closing of each note, subject to certain adjustments, as defined in the agreements. No warrants were issued in connection with the financing, and the Investor has agreed to a “no shorting” provision.
William J. Caragol, Chairman and CEO of PositiveID, said, “This financing will be integral to our efforts to continue the development of our Firefly Dx system for rapid diagnostics using real-time PCR. We believe this transaction provides us with the capital required to get us to the next critical stage of our development of Firefly, ultimately enabling us to bring this product to market. We are very pleased to be working with this institutional investor, bringing its experience and expertise to our team as a highly strategic partner.”
The Company has provided further information regarding this financing in a Form 8-K filed with the SEC.
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