Company sells 2.49 million units of shares and warrants at $1.25 each
By Devika Patel
Knoxville, Tenn., Aug. 5 - GlassesOff Inc. completed a $3.11 million private placement of units on July 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 2.49 million units of one common share and one warrant at $1.25 apiece.
Each warrant is exercisable at $1.25 for five years. The strike price is an 82.14% discount to $7.00, the July 29 closing share price.
Based in Las Vegas, the company, formerly Autovative Products, Inc., has developed a method for improving near vision sharpness, by improving the image processing function in the visual cortex of the brain.
| Issuer: | GlassesOff Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3,112,500
|
| Units: | 2.49 million
|
| Price: | $1.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Settlement date: | July 30
|
| Stock symbol: | OTCBB: ATVP
|
| Stock price: | $7.00 at close July 29
|
| Market capitalization: | $60.33 million
|
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