|9 Months Ended|
Sep. 30, 2016
|Subsequent Events [Abstract]|
21. Subsequent Events
On October 25, 2016 Mustang closed an additional round of financing totaling gross proceeds of $7.1 million, before expenses, in a private placement of shares and warrants for which National Securities Corporation, a subsidiary of National, was the placement agent and received a fee of $0.7 million or approximately 10% of the gross proceeds. The financing involved the sale of units, each consisting of 10,000 shares of common stock and a warrant exercisable for 2,500 shares of common stock at an exercise price of $8.50 per share, for a total price of $65,000 per unit. The warrants have a five-year term and are only exercisable for cash. Mustang issued 1.1 million unregistered shares of common stock and 272,645 warrants in connection with this transaction. In addition, the placement agent received 109,058 warrants or approximately 10% of the shares issued.
Pursuant to the terms of Mustang’s $3.6 million NSC Note, upon the closing of Mustang’s second round of financing on October 25, 2016, Mustang issued to National a warrant for 138,462 relating to its aggregate gross proceeds from its third party exceeding five times the value of the debt.
On October 31, 2016 Helocyte closed its third round of financing in connection with its convertible debt and raised gross proceeds of $1.0 million, before expenses of $0.1 million.
On October 31, 2016 Cellvation entered into two Patent & Technology License Agreements with The University of Texas Health Science Center at Houston (“UTHealth”) for a combined upfront fee of $300,000. UTHealth received 5% of Cellvation’s fully-diluted equity in connection with the transaction.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.