Company to issue three-year 5.05% note to investor ABB Technology
By Devika Patel
Knoxville, Tenn., Oct. 8 - Ecotality Inc. will raise $5 million by selling a three-year 5.05% unsecured convertible note to ABB Technology Ventures Ltd., according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is convertible into common shares at $1.27 per share and matures on March 13, 2015. The conversion price is a 22.12% premium to $1.04, the March 13 closing share price.
Ecotality is a renewable energy company in Scottsdale, Ariz.
| Issuer: | Ecotality Inc.
|
| Issue: | Convertible unsecured notes
|
| Amount: | $5 million
|
| Maturity: | March 13, 2015
|
| Coupon: | 5.05%
|
| Price: | Par
|
| Conversion price: | $1.27
|
| Warrants: | No
|
| Investor: | ABB Technology Ventures Ltd.
|
| Announcement date: | March 14
|
| Stock symbol: | Nasdaq: ECTY
|
| Stock price: | $1.04 at close March 13
|
| Market capitalization: | $24.97 million
|
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