Investor has funded $1.2 million so far, will fund rest by May 18
By Angela McDaniels
Tacoma, Wash., March 19 - AMP Holding Inc. plans to sell 30 million shares of common stock and warrants for 15 million shares to Joseph Lukens, an existing shareholder and an accredited investor, for $3 million.
Lukens has funded $1.2 million so far, for which he received 12 million shares and warrants to acquire 6 million shares. He invested $685,000 during the last six months of 2013 and $515,000 during the first quarter of 2014, according to an 8-K filing with the Securities and Exchange Commission.
On March 18, Lukens agreed to fund the remaining $1.8 million between March 18 and May 18.
The warrants are exercisable for three years at an exercise price of $0.15 per share, which is a 25% premium to the company's $0.12 closing share price on March 18.
Loveland, Ohio-based AMP is a development-stage company that converts existing internal combustion engine-based vehicles to all electric power trains with a focus on medium-duty trucks.
| Issuer: | AMP Holding Inc.
|
| Issue: | Common stock
|
| Amount: | $3 million
|
| Shares: | 30 million
|
| Warrants: | For 15 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.15
|
| Agent: | Non-brokered
|
| Announcement date: | March 19
|
| Settlement: | Last half of 2013 for $685,000, first quarter of 2014 for $515,000, between March 18 and May 18 for $1.8 million
|
| Stock symbol: | OTCBB: AMPD
|
| Stock price: | $0.11 at close March 19
|
| Market capitalization: | $8.97 million
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