By LLuvia Mares
New York, Nov. 20 - Ener1, Inc. said Tuesday it completed a $32 million private placement of stock.
The company sold 64 million shares to six major financial institutions and warrants to purchase 57.6 million additional shares at an exercise price of $0.75 per share. The warrants can be exercised for a period of 180 days following the closing.
If exercised, the warrants will provide an additional $43 million, for a total of $75 million of equity capital at an average price of $0.62 per share.
Proceeds will be used to continue to fund the development and commercialization of the company's alternative energy generation storage business.
Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company.
Issuer: Ener1, Inc.
Issue: Stock
Amount: $32 million
Shares: 64 million
Warrants: For 57.6 million
Warrant strike price: $0.75
Closing date: Nov. 20
| Pricing date: | Nov. 19
|
| Stock symbol: | OTCBB: ENEI
|
| Stock price: | $0.65 at close Nov. 19
|
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