Company sells 34,000 convertible preferred shares
By Devika Patel
Knoxville, Tenn., June 4 - ECO Building Products, Inc. arranged a $3.4 million private placement of 12% series C convertible preferred stock with Dominion Capital, LLC, Redwood Management, LLC, Redwood Fund II, LLC and Redwood Fund III, LLC on June 3, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 34,000 preferreds at $100.00 apiece.
The preferreds will be convertible at a conversion price equal to 60% of the lowest volume-weighted average price during the 30-trading-day period preceding the conversion date.
Eco Building Products is based in Vista, Calif. It manufactures and sells proprietary wood products.
| Issuer: | ECO Building Products, Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $3.4 million
|
| Shares: | 34,000
|
| Price: | $100.00
|
| Dividends: | 12%
|
| Conversion price: | 60% of the lowest volume-weighted average price during the 30-trading-day period preceding the conversion date
|
| Warrants: | No
|
| Investor: | Dominion Capital, LLC, Redwood Management, LLC, Redwood Fund II, LLC and Redwood Fund III, LLC
|
| Pricing date: | June 3
|
| Stock symbol: | OTCBB: ECOB
|
| Market capitalization: | $9.68 million
|
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