NeoStem (NBS) Shareholder Equity Increases by $13.7 M
NBS announced (5/20/10) the conversion of Convertible Redeemable Series C Preferred Stock (Series C Preferred) by RimAsia Capital Partners, LP (“RimAsia”), a principal shareholder. With the conversion of the Series C Preferred, NBS will no longer be required to pay the annual dividend and expects to recognize cash savings of $409 K per year.
RimAsia has exercised its right to convert its 8,177,512 shares of Series C Preferred, issued in 10/09 as part of the China Biopharmaceutical Holdings acquisition, into 9,086,124 shares of NBS’s common stock. RimAsia is currently subject to a lock-up agreement through the end of the summer 2010
Categories: financings, Stem Cell Technology
