By Sheri Kasprzak
Atlanta, March 14 - Ener1 Inc. said it has raised $14,225,000 in a private placement.
The company sold convertible debentures to institutional investors led by Satellite Strategic Finance Associates LLC and Satellite Strategic Finance Partners Ltd.
The debentures mature in four years, bear interest at 7.5% annually and are convertible into common shares at $1.00 each.
The investors will also receive warrants for 4,267,500 shares at $1.15 each and 2,845,000 shares at $1.25 each, exercisable for five years.
Based in Ft. Lauderdale, Fla., Ener1 develops and markets technologies for lithium batteries and battery packs, fuel cell components and nanotechnology-based materials. The proceeds from the private placement will be used for corporate operations and the commercialization of technologies.
| Issuer: | Ener1 Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $14,225,000
|
| Maturity: | Four years
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | $1.00
|
| Warrants: | For 7,112,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.15 for 4,267,500 shares and $1.25 for 2,845,000 shares
|
| Investors: | Satellite Strategic Finance Associates LLC (lead); Satellite Strategic Finance Partners Ltd. (lead)
|
| Settlement date: | March 14
|
| Stock price: | $0.75 at close March 11
|
|
|
© 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.
