KALA BIO raises ~$2.0M via private placement of Series F Convertible Preferred Stock

KALA BIO, Inc.

Gross proceeds of ~$2.0M from sale of 2,928 Series F Preferred shares at $683.00 per share.
Each Series F Preferred share initially convertible into 100 shares of common, subject to 9.99% beneficial ownership limitation.
Preferred stock ranks senior to common, on parity with Series E, and carries dividend rights equal to as-converted common dividends.
Closing expected on or about December 22, 2023, subject to customary conditions and exemption under Rule 506 of Regulation D.
Company agreed to restrictions on issuing senior/pari passu equity, incurring debt over $1M, or paying dividends without purchaser consent.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

KALA BIO, Inc.: Filed Certificate of Designations for Series F Convertible Non-Redeemable Preferred Stock, establishing rights, preferences, and privileges (effective 2023-12-21).

Change: charter amendment
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023 (the “Filing Date”), the Company filed a Certificate of Designations, Preferences and Rights of Series F Convertible Non-Redeemable Preferred Stock (the “Certificate of Designations”) with the Secretary of State of the State of Delaware with respect to the Series F Preferred Stock.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KALA BIO, Inc. entered into Securities Purchase Agreement with certain institutional investors valued at aggregate gross proceeds of approximately $2.0 million (effective 2023-12-21).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: aggregate gross proceeds of approximately $2.0 million
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, KALA BIO, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional investors named therein (the “Purchasers”), pursuant to which the Company agreed to issue and sell, in a private placement priced at-the-market under Nasdaq rules, shares (the “Preferred Shares”) of Series F Convertible Non-Redeemable Preferred Stock, par value $0.001 per share, of the Company (the “Series F Preferred Stock”), for aggregate gross proceeds of approximately $2.0 million (the “Private Placement”).

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74 governance changes filed in the last 30 days. Browse all governance changes →

KALA BIO, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-128542

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