Rennova Health announced it entered into a securities purchase agreement with certain existing institutional investors of the company.
Rennova Health (NASDAQ:RNVA) announced it entered into a securities purchase agreement with certain existing institutional investors of the company.
As quoted in the press release:
Pursuant to the Purchase Agreement, the Company has agreed to issue $2,604,000 aggregate principal amount of Senior Secured Original Issue Discount Convertible Debentures due two years from the date of issuance (the “New Debentures”) and three series of warrants to purchase shares of the Company’s common stock, par value $.01 per share (the “Common Stock”), (each, a “Warrant” and, collectively, the “Warrants”). The Purchase Agreement contains certain customary representations, warranties and covenants. Gross proceeds from the Purchase Agreement are expected to be $2,100,000. The closing of the offering is expected to occur on or before September 15, 2017 and is subject to, among other things, receiving certain consents and other customary closing conditions.