Irvine-based ChromaDex (Nasdaq CDXC) will sell $7 million of its common stock in a private placement, with a closing expected Aug. 15.
The nutrition ingredients maker plans to sell 1.57 million shares at about $4.47 a share to new investors including GIC Private Ltd., taking $5 million, and Grandwin Enterprises Ltd., for the other $2 million, according to regulatory filings.
The deal follows a $10 million private placement of convertible promissory notes in May to current shareholders Winsave Resources Limited and Pioneer Step Holdings. The notes automatically convert to common stock on Aug. 15.
Funds will be used to support global distribution for the company’s main product, Tru Niagen.
Oppenheimer was the placement agent.