Company sells 7,142,857 shares at $0.70, along with five-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 17 - Car Charging Group, Inc. completed a $5 million private placement of stock with Eventide Gilead Fund on Oct. 11, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced on Oct. 24.
The company sold 7,142,857 common shares at $0.70 per share. The price per share reflects a 21.35% discount to $0.89, the closing share price on Oct. 10.
Eventide also received warrants for 7,142,857 shares. Each warrant is exercisable at $1.00 for five years. The strike price reflects a 12.36% premium to the Oct. 10 closing share price.
Based in Santa Monica, Calif., Car Charging Group provides and installs car charging stations at public locations.
| Issuer: | Car Charging Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 7,142,857
|
| Price: | $0.70
|
| Warrants: | For 7,142,857 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investor: | Eventide Gilead Fund
|
| Settlement date: | Oct. 11
|
| Stock symbol: | OTCBB: CCGI
|
| Stock price: | $0.89 at close Oct. 10
|
| Market capitalization: | $69.84 million
|
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