Enova wraps $1.69 million tranche of $2.25 million placement of units

Company sells common stock at $0.15 per share with five-year warrants

By Devika Patel

Knoxville, Tenn., Jan. 6 - Enova Systems, Inc. settled the second $1.69 million tranche of a $2.25 million private placement of stock on Dec. 30, according to an 8-K filed Friday with the Securities and Exchange Commission. Merriman Capital, Inc. is the agent for the deal, which raised $450,000 on Dec. 15.

The company is selling 15 million common shares at $0.15 apiece. It sold 3 million shares in the first tranche and 11.25 million shares in the second tranche.

The price per share is a 28.57% discount to the Dec. 14 closing share price of $0.21.

Investors also received one warrant for each share bought. The five-year warrants are exercisable at a price equal to the volume weighted average price of the company's common stock for the 20 trading days immediately preceding settlement.

The investors in the first tranche were Anthony Low-Beer and ALB Private Investments LLC. The second-tranche investors were Ryan P. McCormack, Kevin McCormack, Mireille Gousseland, David N. Low Jr. and Dominque Lahaussois, Anthony B. Low-Beer, Helen R. Esposito, Phylis M. Esposito, Douglas Thunen, Christopher G. Thunen, The Thunen Family Trust, Mechele Plotkin, Sander A. Flaum, The Viswanath Khaitan Revocable Trust, Cynthia A. Kohn, John F. Kohn, ALB Private Investments, LLC and PAT Ltd.

Based in Torrance, Calif., Enova makes digital power-control systems for automobile engines.

Issuer:	Enova Systems, Inc.
Issue:	Common stock
Amount:	$2.25 million
Shares:	15 million
Price:	$0.15
Warrants:	One warrant per share
Warrant expiration:	Five years
Agent:	Merriman Capital, Inc.
Investor:	Anthony Low-Beer and ALB Private Investments LLC (for $450,000); Ryan P. McCormack, Kevin McCormack, Mireille Gousseland, David N. Low Jr. and Dominque Lahaussois, Anthony B. Low-Beer, Helen R. Esposito, Phylis M. Esposito, Douglas Thunen, Christopher G. Thunen, The Thunen Family Trust, Mechele Plotkin, Sander A. Flaum, The Viswanath Khaitan Revocable Trust, Cynthia A. Kohn, John F. Kohn, ALB Private Investments, LLC and PAT Ltd. (for $1,687,500)
Settlement date:	Dec. 15 (for $450,000), Dec. 30 (for $1,687,500)
Stock symbol:	Amex: ENA
Stock price:	$0.22 at close Dec. 15
Market capitalization:	$5.3 million

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