Intelligent Surgical Lasers, Inc.
This article was originally published in The Gray Sheet
Executive Summary
Plans secondary offering of 3 mil. units at an anticipated price of $5 per unit. Each unit would consist of one share of common stock and one Class A and one Class B redeemable common stock purchase warrant. "The number of units to be offered reflects the implementation of a currently contemplated .4 for 1 reverse [stock] split," the firm announced Oct. 1. D. Blech & Co. will underwrite the offering. "Less than 10% of the proceeds" are anticipated to be used to retire $1.7 mil. in bridge financing provided by "certain" shareholders and an investment banking firm. The firm reported a loss of $5.4 mil. for fiscal 1993 (ended June 30) on sales of $1.9 mil.