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The shares were sold to a single institutional investor for gross proceeds of approximately USD1.5m.
The preferred stock is convertible into shares of the company at the option of the investor at a price of USD0.17 per share, subject to certain ownership limitations.
According to Cortex the investor was also granted warrants to acquire 6,941,176 shares of its common stock. These warrants have an exercise price of USD0.3401 per share and, subject to certain ownership limitations, are exercisable after the six-month anniversary of the closing of the transaction and before the third anniversary of such initial exercise date.
The net proceeds from the offering are expected to be used by the company for working capital and other general corporate purposes.
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