On July 18, 2008, Integrated Healthcare Holdings, Inc. (IHHI), a hospital management company that owns four hospital facilities in Orange County, California, entered into a Securities Purchase Agreement with Kali P. Chaudhuri, M.D. to provide additional equity investment in the company.
Under the Securities Purchase Agreement, Dr. Chaudhuri agreed to invest up to $10,700,000 in additional equity in IHHI. Dr. Chaudhuri has invested $3,731,732 through the exercise of outstanding warrants to purchase 24,878,213 shares of common stock at an exercise price of $0.15 per share. In addition, Dr. Chaudhuri paid an additional $50,000 for the right to invest up to an additional $6,968,268 in IHHI through the purchase of 63,347,891 additional shares of common stock at $0.11 per share.
