BETHEL, Conn., May 19 /PRNewswire-FirstCall/ -- MedClean Technologies, Inc. (OTC Bulletin Board: MCLN) announced today that it has commenced a private offer to exchange all of the Company's existing Common Stock Purchase Warrants with Initial Exercise Dates between July 11, 2008 and August 29, 2008 ("Existing Warrants") for newly issued Common Stock Purchase Warrants, with a new lower exercise price, exercisable for a lesser number shares of our common stock, par value $0.0001 per share ("Common Stock"), and without a "cashless exercise" right (the "New Warrants"). The offer to exchange is being made upon the terms and subject to the conditions set forth in the confidential offering memorandum dated May 19, 2009 and related letter of transmittal.
The offer to exchange will expire at 5:00 p.m., Eastern Standard time, on June 16, 2009 unless extended by the Company (such time and date, as the same may be extended, the "Expiration Date").
The exercise price of the New Warrants will be determined as of the Expiration Date and will equal the greater of (1) the volume weighted average price (VWAP) of the Common Stock for the five consecutive trading days prior to and including the Expiration Date as reported on the over the counter bulletin board, multiplied by 2, and (2) $0.0075. For example, if the five day VWAP on the Expiration Date was $0.004, then the exercise price of the New Warrants would be $0.008 per share.
The number of shares of Common Stock represented by each New Warrant will equal one-half of the number of shares of Common Stock represented by the corresponding Existing Warrant for which it is exchanged, rounded up to the nearest whole share. For example, for an Existing Warrant for the purchase of 100,000 shares of Common Stock, the number of shares of Common Stock represented by the New Warrant would be 50,000 shares.
Other than the exercise price per share, number of sh
|SOURCE MedClean Technologies, Inc.|
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