- Akerna ( NASDAQ: KERN ) on Monday announced a securities purchase deal with certain institutional investors to buy 400K series A convertible redeemable preferred shares and 100K series B convertible redeemable preferred shares.
- Each series A and series B preferred share has a purchase price of $9.50, and is convertible into KERN shares at an initial conversion price of $0.25/share.
- The series A and series B preferred stock are convertible at the option of the holder at any time after KERN gets shareholder approval for a reverse stock split.
- KERN and holders of the preferred stock also entered into a registration rights deal to register the resale of shares issuable upon conversion of the preferred stock.
- Total gross proceeds from the offerings is $5M.
- The closing of the offering is expected on or about Oct. 4.
For further details see:
Akerna announces $5M private placement of convertible redeemable preferred stock