Investor Aspire Capital to buy company's common shares at 5% discount
By Devika Patel
Knoxville, Tenn., Aug. 4 - Ener1, Inc. secured a $50 million equity purchase agreement with Aspire Capital Fund, LLC, according to a prospectus supplement filed Thursday with the Securities and Exchange Commission. The two-year agreement was negotiated on Aug. 3 and will end Aug. 3, 2013.
The shares will be purchased in tranches of up to 250,000 shares.
Aspire will pay a purchase price equal to 95% of the volume-weighted average price of the common stock on the purchase date.
The investor also received 1,162,791 shares as consideration for the agreement.
The company will initially sell 2,325,581 shares to Aspire for $2 million.
Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company.
Issuer: | Ener1, Inc.
|
Issue: | Equity purchase agreement
|
Amount: | $50 million
|
Tenor: | Two years (Aug. 3, 2013)
|
Price: | 5% discount
|
Warrants: | No
|
Investor: | Aspire Capital Fund, LLC
|
Fees: | 1,162,791 shares
|
Agreement date: | Aug. 3
|
Stock symbol: | Nasdaq: HEV
|
Stock price: | $0.84 at close Aug. 3
|
Market capitalization: | $138.66 million
|
© 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.