Investor Itochu may buy another $6 million 6% convertibles due 2015
By Devika Patel
Knoxville, Tenn., Sept. 2 - Ener1, Inc. sold $4 million of its 6% senior convertible notes in a private placement on Aug. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. Itochu Corp., the investor, may purchase an additional $6 million of notes.
The notes mature on Aug. 27, 2015 and are initially convertible into common stock at $3.612 per share. The conversion price represents a 20% premium to $3.01, the closing share price on Aug. 26.
Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company.
| Issuer: | Ener1, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $4 million
|
| Maturity: | Aug. 27, 2015
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $3.612
|
| Warrants: | No
|
| Investor: | Itochu Corp.
|
| Settlement date: | Aug. 27
|
| Stock symbol: | Amex: HEV
|
| Stock price: | $3.26 at close Aug. 27
|
| Market capitalization: | $472.59 million
|
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