By Devika Patel
Knoxville, Tenn., Dec. 30 - Ener1, Inc. settled a $30 million line of credit with Ener1 Group, Inc. on Dec. 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company may draw up to $30 million over 18 months, of which not more than $10 million may be drawn down through March 31, 2009. Funds advanced under the agreement will bear simple interest at a rate of 8% per year.
The investors also received warrants for up to 1.25 million common shares, exercisable at $8.25 for two years.
Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company.
| Issuer: | Ener1, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $30 million
|
| Tenor: | 18 months
|
| Coupon: | 8%
|
| Warrants: | For 1.25 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $8.25
|
| Investor: | Ener1 Group, Inc.
|
| Settlement date: | Dec. 29
|
| Stock symbol: | Amex: HEV
|
| Stock price: | $8.25 at close Dec. 29
|
| Market capitalization: | $815 million
|
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