Deal sells units of one share, a half-share warrant at $0.60 per unit
By Devika Patel
Knoxville, Tenn., Aug. 21 - DecisionPoint Systems, Inc. completed a $1.71 million private placement of units on Aug. 15 and Aug. 21, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was arranged on Aug. 15.
The company sold 2,844,000 units of one common share and one half-share warrant at $0.60 per unit.
Each whole warrant is exercisable at $1.00 for five years. The strike price is a 69.49% premium to $0.59, the Aug. 14 closing share price.
Newport Coast Securities, Inc. was the agent. Nicholas Toms invested $100,000.
Proceeds will be used for working capital and other general corporate purposes.
DecisionPoint is an Irvine, Calif., software company that makes enterprise applications available to front-line workers.
| Issuer: | DecisionPoint Systems, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $1,706,400
|
| Units: | 2,844,000
|
| Price: | $0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Agent: | Newport Coast Securities, Inc.
|
| Investor: | Nicholas Toms (for $100,000)
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 15, Aug. 21
|
| Stock symbol: | OTCBB: DPSI
|
| Stock price: | $0.59 at close Aug. 14
|
| Market capitalization: | $7.24 million
|
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