CombiMatrix Prices $8.0 Million Underwritten Public Offering

CombiMatrix Corporation (NASDAQ:CBMX)announced that it has priced a firm commitment underwritten public offering of 8,000 units of Series F convertible preferred stock and warrants at a price to the public of $1,000 per unit for gross proceeds of $8.0 million, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.
According to the news:

Each unit consists of one share of Series F convertible preferred stock, which is convertible into 258.397875 shares of common stock at a conversion price of $3.87 per share, and 258.397875 warrants each to purchase one share of common stock at an exercise price of $5.17 per share. In total, the Series F convertible preferred stock is convertible into 2,067,183 shares of common stock, and the warrants are exercisable for 2,067,183 shares of common stock.  The Company will use part of the proceeds from this offering to repurchase and retire its Series E convertible preferred stock.

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