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PositiveID Corp Sells Interest In VeriTeQ Corporation For $750,000

Thursday, 14 Nov 2013 09:00am EST 

PositiveID Corporation announced that it has sold its interest in VeriTeQ Corporation (VeriTeQ) for $750,000. In conjunction with the sale, PositiveID also entered into a letter agreement with VeriTeQ (the Letter Agreement), under which it will receive a warrant to purchase 300,000 shares of VeriTeQ common stock. On November 13, 2013, PositiveID entered into a stock purchase agreement with Hudson Bay Master Fund Ltd. and other accredited purchasers (the "SPA") to sell PositiveID's remaining equity position in VeriTeQ, which included 871,753 shares of VeriTeQ's common stock, and the convertible note owed from VeriTeQ to PositiveID, which was convertible into 135,793 shares of VeriTeQ common stock, for total proceeds of $750,000. Pursuant to the Letter Agreement, VeriTeQ will deliver a warrant to PositiveID to purchase 300,000 shares of VeriTeQ common stock at a price of $2.84. 

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0.39 +1.57%
22 May 2015