Deal offers units of one share, a half-share warrant at $1.00 per unit
By Devika Patel
Knoxville, Tenn., Oct. 4 - GlyEco, Inc. settled a $4.49 million second tranche of a $7.14 million private placement of units on Sept. 30, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal raised $2.65 million on Aug. 15.
The company sold 7.14 million units of one common share and a half-share warrant at $1.00 per unit. It sold 2.65 million units in the first tranche and 4.49 million units in the second.
Each whole, five-year warrant is exercisable at $1.50, which represents a 17.19% premium to the Aug. 14 closing share price of $1.28.
The green chemistry company is based in Phoenix.
| Issuer: | GlyEco, Inc.
|
| Issue: | Units of one common share and a half-share warrant
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| Amount: | $7.14 million
|
| Units: | 7.14 million
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| Price: | $1.00
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Settlement date: | Aug. 15 (for $2.65 million), Sept. 30 (for $4.49 million)
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| Stock symbol: | OTCBB: GLYE
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| Stock price: | $1.28 at close Aug. 14
|
| Market capitalization: | $43.52 million
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