Shares sold at $1.02 each with five-year warrants exercisable at $1.28
By Devika Patel
Knoxville, Tenn., March 6 – Vapor Corp. arranged a $3.5 million private placement of stock on March 3, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal settled on March 4.
The company sold common shares at $1.02 apiece. The per-share price represents an 8.93% discount to the March 2 closing share price of $1.12.
The investors also will receive warrants for 3,432,314 shares. Each warrant is exercisable at $1.28 for five years. The strike price is a 14.29% premium to the March 2 closing share price.
Proceeds will be used for working capital purposes.
Based in Fort Lauderdale, Fla., Vapor makes and sells electronic cigarettes.
| Issuer: | Vapor Corp.
|
| Issue: | Common stock
|
| Amount: | $3,500,960
|
| Price: | $1.02
|
| Warrants: | For 3,432,314 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.28
|
| Pricing date: | March 3
|
| Settlement date: | March 4
|
| Stock symbol: | Nasdaq: VPCO
|
| Stock price: | $1.12 at close March 2
|
| Market capitalization: | $18.05 million
|
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