Dariohealth corp. announced that it expects to receive $13.561 million in funding

Dariohealth corp. (nasdaqcm:drio) announced that it has entered into subscription agreements with accredited investors for a private placement of 8,361 series a convertible preferred stock and 5,200 series a-1 convertible preferred stock at a price of $1,000 for each share of series a preferred stock and series a-1 preferred stock, for aggregate gross proceeds of $13,561,000 on november 27, 2019. each share of series a preferred stock and series a-1 preferred stock can be convertible into common shares of par value $0.0001 at an initial conversion price of $4.05 at the option of the holder. in addition the series a preferred stock and series a-1 preferred stock will automatically convert into common shares of the company, at the earliest to occur of upon the approval of the holders at least 50.1% of the outstanding shares of series a preferred, or the 36-month anniversary of the effective date. the company will issue securities pursuant to exemption provided under regulation d. on the same date the company received its first tranche.
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