The offering is expected to close on or about March 24, 2016, subject to satisfaction of customary closing conditions.
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.
This offering shall be made only by means of a prospectus. When filed with the SEC, copies of the final prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov or by request by contacting
In connection with this offering, the Company has filed a registration statement on Form S-1 that was declared effective by the SEC on March 18, 2016. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to: satisfaction of customary closing conditions to the offering; our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of services, optimize the reimbursements received for our microarray testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in both prenatal and developmental genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales force and our strategic partners; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.
|Company Contact:||Investor Relations Contact:|
|President & CEO, CombiMatrix Corporation|
|(949) 753-0624||(310) 691-7100|
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