By Devika Patel
Knoxville, Tenn., Oct. 2 - Ecology Coatings, Inc. arranged a $3 million private placement of 5% series B cumulative convertible preferred stock with Stromback Acquisition Corp. on Sept. 30, according to an 8-K filed Friday with the Securities and Exchange Commission.
The preferreds have a liquidation preference of $1,000 each and a conversion price of 77% of the average of the closing price of company's common stock for the five trading days prior to each investment.
Stromback Acquisition can make purchases under the agreement through April 1, 2010. The investor bought 240 preferreds for $240,000 on Oct. 1.
Based in Salt Lake City, Ecology Coatings develops nanotechnology-enabled, ultraviolet curable coatings that are designed to drive efficiencies and clean processes in manufacturing.
| Issuer: | Ecology Coatings, Inc.
|
| Issue: | Cumulative convertible preferred stock, series B
|
| Amount: | $3 million
|
| Shares: | 3,000
|
| Dividends: | 5%
|
| Price: | $1,000
|
| Conversion price: | 77% of the average closing stock price for the five trading days prior to each investment
|
| Warrants: | No
|
| Investor: | Stromback Acquisition Corp.
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 1 (for $240,000)
|
| Stock symbol: | OTCBB: ECOC
|
| Stock price: | $0.55 at close on Sept. 30
|
| Market capitalization: | $17.8 million
|
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