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    HCYT   US4041241096

H-CYTE, INC.

(HCYT)
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H-CYTE, INC. : Unregistered Sale of Equity Securities, Other Events (form 8-K)

09/25/2020 | 05:23pm EDT

Item 3.02 Unregistered Sales of Equity Securities

The information required to be included herein is incorporated herein by reference to Item 8.01 Other Events.


Item 8.01 Other Events.


As previously disclosed, on August 5, 2020, H-Cyte (the "Company") entered into a standby purchase agreement with certain creditors who had previously purchased secured convertible notes and warrants, pursuant to which such creditors agreed (a) not to exercise any subscription rights they may receive as stockholders of the Company in the registered rights offering (described below) and (b) instead to purchase any Series A preferred stock corresponding to the unexercised rights in the rights offering up to an aggregate amount of approximately $2.8 million at the same subscription price. The amounts due under the standby purchase agreements became calculable and payable upon the expiration of the rights offering as set forth below.

On September 11, 2020, the registered rights offering (Registration No. 333-239629) of the Company expired. Pursuant to the rights offering, on September 24, 2020, the Company issued (i) 15,234,993 shares of its Series A preferred stock at a price of $0.014 per share to holders of its common stock who validly exercised their subscription rights prior to the expiration time and (ii) 203,049,643 shares of its Series A preferred stock to the standby purchasers as part of the standby commitment. The rights offering, including the standby component, resulted in gross proceeds to the Company of $3,055,984.90. While the rights offering expired on September 11, 2020, it was not consummated until September 24, 2020 while logistical closing conditions including the calculation and clearance of funds were being processed.

In addition, on September 24, 2020, the Company issued an aggregate of 330,303,755 shares of its Series A preferred stock to the holders of outstanding promissory notes in the aggregate principal amount and accrued interest of $4,574,048.74. The notes were converted pursuant to mandatory conversion triggered by the completion of the rights offering. Such shares were issued under an exemption from registration in reliance on Section 3(a)(9) of the Securities Act. The original notes were issued in reliance on Section 4(a)(2) of the Securities Act.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 2,15 M - -
Net income 2020 -6,46 M - -
Net cash 2020 0,47 M - -
P/E ratio 2020 -0,27x
Yield 2020 -
Capitalization 4,65 M 4,65 M -
EV / Sales 2019 1,72x
EV / Sales 2020 0,75x
Nbr of Employees -
Free-Float 20,1%
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Managers and Directors
NameTitle
Robert Greif President & Chief Executive Officer
Jeremy Daniel Chief Financial & Accounting Officer
Raymond Monteleone Chairman
Tanya Rhodes Chief Technology Officer
William E. Horne Director
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