Baxano Surgical announces $10M private placement of convertible debentures The debentures will be convertible into common stock at an initial conversion price of $1.06 per share and will bear interest at 6% per year, maturing on March 11, 2017. The warrants will have an initial exercise price of $1.19 per share. Piper Jaffray & Co. served as the lead placement agent and Stifel, Nicolaus and Company served as co-placement agent for the transaction.
Baxano Surgical announces termination of Nasdaq listing Baxano Surgical announced that it is terminating its listing on The Nasdaq Global Market as of the close of business on November 24. The company has previously received notices from Nasdaq that it has failed to maintain a minimum bid price of $1.00 per share. In light of its current financial condition, the company does not anticipate that it will be able to meet such minimums or continue to meet other Nasdaq listing standards in the future. In addition, the company has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in order to facilitate a going concern sale of the company. Following the termination of its listing on Nasdaq, the company intends to terminate its public reporting obligations under the Exchange Act as soon as possible.