Investor buys shares for $3 million along with cancellation of debt
By Devika Patel
Knoxville, Tenn., Aug. 30 - Valence Technology, Inc. completed a $5.51 million private placement of stock on Aug. 26, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 7,247,882 common shares at $0.76 apiece to Berg & Berg Enterprises, LLC.
The per-share price of reflects a 1.3% discount to the closing share price of $0.77 on Aug. 25.
The securities were sold for $3 million in cash and the investor's cancellation of a promissory note, under which $2.5 million in principal and $8,390.41 in interest was outstanding.
Austin, Texas-based Valence Technology is a developer of lithium-ion batteries.
| Issuer: | Valence Technology, Inc.
|
| Issue: | Common stock
|
| Amount: | $5,508,390
|
| Shares: | 7,247,882
|
| Price: | $0.76
|
| Warrants: | No
|
| Investor: | Berg & Berg Enterprises, LLC
|
| Settlement date: | Aug. 26
|
| Stock symbol: | Nasdaq: VLNC
|
| Stock price: | $0.76 at close Aug. 26
|
| Market capitalization: | $105.85 million
|
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