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Archive for the 'Penny stocks' Category

Nutrition 21 reports dispute with investor

June
27

Nutrition 21 Inc. of Purchase said it has a dispute with an investor in its preferred stock and warrant offering that raised $17.8 million for the nutritional supplement company last fall.
In a filing with the Securities and Exchange Commission, the company said that the investor claimed that certain breaches of covenants in the offering had occurred that would require the company to buy back the preferred stock, at an estimated cost of $23.4 million.
The investor was not identified. In the filing, the company denied that any such breaches had occurred. Nutrition 21 also said the investor had asserted that option grants to the company’s co-chief executive officers, Gerard Butler and Michael Fink, had triggered anti-dilution adjustments in the conversion price of the preferred stock. The company said no adjustment is required.
Nutrition 21 stock closed yesterday at 45 cents a share, down 6.8 cents.

Posted by Jerry Gleeson on Friday, June 27th, 2008 at 5:55 pm |
| | Comments Off on Nutrition 21 reports dispute with investor

EpiCept prices stock offering

June
24

EpiCept Corp., a pharmaceutical company at The Landmark in Eastview, said it will offer 8 million shares of its common stock to the public for 25 cents a share. The company will also offer five-year warrants to buy another 8 million shares at an exercise price of 39 cents a share. The company expects to make $1.9 million from the offering. It said it will use the money for working capital, general corporate purposes, and to pay fees owed to a secured lender. The price of its stock dropped by 10.5 cents a share today, closing at 28.5 cents.

Posted by Jerry Gleeson on Tuesday, June 24th, 2008 at 4:51 pm |
| | Comments Off on EpiCept prices stock offering

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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