By Laura Lutz
Des Moines, Nov. 9 - Ecototality, Inc. sold $4.12 million principal amount of discounted secured convertible debentures for proceeds of $3.5 million, according to an 8-K filing with the Securities and Exchange Commission.
There were four investors in the deal.
The debentures, which mature May 6, 2010, were priced at 85 with a coupon of 8%. They are convertible into common stock at $0.30 per share.
Ecototality may call the debentures upon 30 days' notice, given certain equity conditions. The redemption price will be 115% of par plus accrued interest.
The investors also received 6,862,748 warrants, each exercisable for one share at $0.32 for five years.
The placement was non-brokered.
Ecototality is a renewable energy company based in Scottsdale, Ariz.
| Issuer: | Ecototality, Inc.
|
| Issue: | Secured convertible debentures
|
| Principal amount: | $4,117,649
|
| Proceeds: | $3.5 million
|
| Maturity: | May 6, 2010
|
| Coupon: | 8%
|
| Price: | 85
|
| Conversion price: | $0.30
|
| Warrants: | For 6,862,748 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.32
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 6
|
| Stock symbol: | OTCBB: ETLY
|
| Stock price: | $0.28 at close Nov. 6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
