By Devika Patel
Knoxville, Tenn., July 16 - Converted Organics Inc. arranged a $2 million registered direct offering of stock on Wednesday, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 1,961,000 common shares at $1.02 apiece to a single investor.
The investor also will receive warrants for 585,000 shares. These warrants will be exercisable at $1.25 until July 15, 2014.
Settlement was expected to occur Thursday.
Chardan Capital Markets, LLC is the agent.
Proceeds will be used to repay construction vendors and for working capital.
Boston-based Converted Organics is focused on producing fertilizer and soil amendment products by recycling food waste.
| Issuer: | Converted Organics Inc.
|
| Issue: | Common stock
|
| Amount: | $2,000,220
|
| Shares: | 1,961,000
|
| Price: | $1.02
|
| Warrants: | For 585,000 shares
|
| Warrant expiration: | July 15, 2014
|
| Warrant strike price: | $1.25
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | July 15
|
| Settlement date: | July 16
|
| Stock symbol: | Nasdaq: COIN
|
| Stock price: | $1.19 at close July 15
|
| Market capitalization: | $17.2 million
|
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