Pryor Cashman represented National Securities Corp. as the sole placement agent for GHN Agrispan Holding Company (GHNA.OB) in a PIPE (private placement in public equity) transaction with certain accredited investors, consisting of the issue and sale of 2,600,000 of the Company’s newly designated Series A 10% Convertible Preferred Stock together with warrants to purchase an aggregate of 2,600,000 shares of the Company’s common stock.  

In connection with the transaction, the Company also entered into a registration rights agreement with the investors. As further consideration for the transaction, the Company, along with the investors, entered into a make good escrow agreement with an insider of the Company who placed an aggregate of 2,600,000 shares of the Company’s common stock into escrow to be distributed if certain financial milestones of the Company are not met.

Pryor Cashman Corporate Partner Stephen Goodman advised National Securities regarding the transaction.