Chembio Diagnostics, Inc. (CEMI.OB) Announces Completion of Plan to Simplify Capital Structure and Raise $1.1 Million
Chembio announced today that it has finished executing its plan to simplify its capital structure. As specified under the terms of the plan, all of the Company's shares of Series A, B and C convertible preferred stock were converted into common stock. As a result, the Company's capital structure now includes approximately 60.5 million shares of common stock outstanding, and 21.9 million warrants and options outstanding. One of the conditions needed to be met before implementing the plan was that Chembio had to raise at least $1.0 million via the cash exercise of outstanding warrants. The Company exceeded this condition…