InsPro Technologies Corp. (ITCC) announced that it has raised $1.5 million in a Convertible Preferred Stock transaction with investors including
Azeez Investors, Cross Atlantic Partners, and Scarpa Family Trust.
The fixed conversion price of the Convertible Preferred Stock is $0.15 per share, an approximate 172.73% premium to the market price ($0.055) of ITCC at deal announcement. A series of 4,999,990 60-Month Warrants with an exercise price of $0.15 per share (172.73% premium) was issued to the investors in this transaction.
This transaction was completed without an agent, and the investors include Issuer counsel was Morgan, Lewis & Bockius. The transaction closed on Nov. 20, 2012.
See the PlacementTracker Deal Summary.