Aytu bioscience, inc. announced that it expects to receive $10 million in funding from armistice capital llc, altium capital management lp

Aytu bioscience, inc. (nasdaqcm:aytu) announced that it has entered into securities purchase agreement for private placement of series f convertible preferred stock and warrants to purchase common stock for gross proceeds of $10 million on october 11, 2019. the transaction included participation from institutional investors altium capital management lp and returning investor armistice capital llc. the company issued convertible preferred shares at a price of $1,000 per share and convertible into 1,000 common shares at $1 per share and warrants to purchase up to one common share for each common share convertible from preferred stock, with an exercise price of $1.25 per share and exercisable after shareholders approval. the expiry date of warrants will be five years from date of closing of the transaction. the securities will be offered only to institutional accredited investors in accordance with section 4(a)(2) under the securities act and rule 506(b) promulgated thereunder. the transaction is expected to close on or about october 16, 2019.
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