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Alphatec Holdings closes private placement

Alphatec Holdings Inc. closed its private placement of common stock, series A convertible preferred stock and warrants exercisable for common stock, for gross proceeds of about $18.9 million.

Alphatec issued 1,809,628 common shares at $2 apiece, about 15,245 of newly designated series A convertible preferred stock at a purchase price of $1,000 per share and warrants to buy up to 9,432,000 common shares for an exercise price of $2 per share.

In addition, certain directors and executive officers of Alphatec purchased a total of $2.4 million series A convertible preferred stock, convertible into 1,175,000 common shares, and warrants to buy up to 1,175,000 common shares for $2 apiece.

The warrants will be exercisable following Alphatec stockholder approval and will expire five years after the approval.

Further, the company granted to H.C. Wainwright & Co. LLC and certain of its designees warrants to purchase up to 471,600 shares of common stock.

The company intends to use net proceeds for general corporate and working capital purposes.