ARTICLE | Financial News

WaferGen planning offering

May 25, 2011 11:49 PM UTC

WaferGen Biosystems Inc. (OTCBB:WGBS) plans to raise $30.4 million in a private placement of debt and equity to Great Point Partners; Deerfield Management; Merlin Nexus; and members of WaferGen's board and management. The financing consists of $15.2 million in convertible preferred stock and $15.2 million of convertible notes. The stock is convertible at $0.52 and has a 5% annual coupon. The notes bear 5% interest and convert to preferred stock, which converts at $0.57. Investors also will receive five-year warrants to purchase about 56 million common shares exercisable at $0.62. Oppenheimer is the lead placement agent. WaferGen jumped $0.20 (43%) to $0.66 on Wednesday. ...