Looks like a reverse split real soon Here we go again
From press release
The transaction is expected to close with initial gross proceeds of $2.0 million on or about March 30, 2012
Summary of Financial Terms
The $12.0 million of Senior Secured Convertible Notes issued pursuant to this transaction have a 10-year term, bear an annual interest rate of 6%, payable semi-annually, and will be convertible into shares of Genta common stock at a conversion rate of 100,000 shares of common stock for every $100.00 of principal that is converted. Certain provisions from prior transactions, including a requirement that the Company implement a reverse stock split and a conversion price reset of existing convertible notes following such reverse stock split, will be eliminated upon the closing of this transaction
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