By Susanna Moon
Chicago, July 25 - Enova Systems, Inc. said it arranged a private placement of shares for proceeds of about £5.8 million.
The company plans to sell 2,218,000 shares at 260p to institutional investors.
Proceeds will be used for working capital and to bolster the company's balance sheet.
Investec Bank Ltd. is the placement agent.
Enova makes digital power-control systems for automobile engines and is based in Torrance, Calif.
| Issuer: | Enova Systems, Inc.
|
| Issue: | Stock
|
| Amount: | £5,766,800
|
| Shares: | 2,218,000
|
| Price: | 260p
|
| Warrants: | No
|
| Placement agent: | Investec Bank Ltd.
|
| Pricing date: | July 25
|
| Stock price: | 275p at close July 24
|
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