Company sells stock at $0.10 per share with warrants to Green Valley
By Devika Patel
Knoxville, Tenn., Oct. 23 - Dais Analytic Corp. will conduct a $7 million private placement of stock with Green Valley International Investment Management Co. Ltd., according to an 8-K filed Tuesday with the Securities and Exchange Commission. The offering was negotiated on Oct. 17 and will settle in three tranches.
The company will sell 70 million common shares at $0.10 per share. The price per share is an 11.11% premium to $0.09, the Oct. 16 closing share price.
Green Valley will also receive warrants for 17.5 million shares, which are each exercisable at $0.30 for five years. The strike price reflects a 233.33% premium to the Oct. 16 closing price.
Settlement of the first $2 million tranche is expected Oct. 26. The company plans to settle a $2 million second tranche on Nov. 20 and a final $3 million tranche on Dec. 28.
Dais, based in Odessa, Fla., provides nanotechnology-based applications for heating and cooling, water treatment and energy storage.
| Issuer: | Dais Analytic Corp
|
| Issue: | Common stock
|
| Amount: | $7 million
|
| Shares: | 70 million
|
| Price: | $0.10
|
| Warrants: | For 17.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Investor: | Green Valley International Investment Management Co. Ltd.
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 26 (for $2 million), Nov. 20 (for $2 million), Dec. 28 (for $3 million)
|
| Stock symbol: | OTCBB: DLYT
|
| Stock price: | $0.09 at close Oct. 16
|
| Market capitalization: | $3.19 million
|
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