Converted Organics raises $18.29 million through public offering

Wed. October 21, 2009; Posted: 02:32 PM

Oct 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- COINU | Quote | Chart | News | PowerRating -- Converted Organics, Inc., a manufacturer of environmentally beneficial agricultural supplements, has completed its public offering of 17.25 million units, including 2.25 million units reflecting the exercise in full of the underwriters' over-allotment option, at a price of $1.06 per unit raising gross proceeds of $18.29 million.

Update on October 16, 2009:

Converted Organics has announced that the underwriters of its public offering have exercised the over-allotment option in full to purchase an additional 2.25 million units.

Converted Organics will now issue 17.25 million units at a price of $1.06 per unit.

Announcement (October 15, 2009):

Converted Organics intends to raise $15.9 million from its proposed public offering of units.

The company has priced its offering of 15 million units at $1.06 per unit. Each unit consists of one share of common stock, and one newly created Class H warrant, with each Class H warrant exercisable for one share of common stock at an exercise price of $1.30 per share. The warrants will expire on October 14, 2014.

Converted Organics has also granted the underwriters a 45-day option to purchase up to 2.25 million additional units to cover over-allotments.

Chardan Capital Markets, LLC and Paulson Investment Company, Inc. are acting as underwriters to the offering.

The offering is expected to close on or about October 20, 2009.

Deal Value (US$ Million) 18.29
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-20

Deal Participants

Target (Company) Converted Organics, Inc.

Deal Rationale

The company intends to use net proceeds from the offering for further development and execution of its sales and marketing plan, strategic growth initiatives, other general corporate purposes, and to repay the six-month note the company issued in September 2009 in the principal amount of $1.54 million.

Offer Price ($ per share) 1.06
No. Shares Issued         17250000

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