Immupharma PLC - London-based pharmaceutical company - Says US healthcare investor L1 Capital Global Opportunities Master Fund converts USD200,000 plus interest of convertible security issued pursuant to convertible security deed entered into in June. Says conversion price is 11 pence per share resulting in the issue of 1.4 million shares to L1 Capital.
In June, Immupharma said it would issue USD3 million of securities to L1 Capital and Lind Global Macro Fund LP, with a maturity period of 18 months, adding that at any time during the maturity period, the investors may convert their securities - in whole or in part - to 13.1 million shares in the company at a price of 17.96p.
At the time, Immupharma said net proceeds from the investment will be used to fund continued expansion of its research & development programmes and for general working capital.
Current stock price: 13.44p
Year-to-date change: down 16%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Immupharma (IMM)