By Sheri Kasprzak
New York, July 27 - Enova Systems, Inc. said it has closed a private placement for $20,223,000.
The company sold 5.35 million shares at $3.78 each, following a reverse stock split, to investors in the United Kingdom.
The offering was first priced on July 19 as a $20,383,500 deal with the same number of shares at $3.81 each.
A day after the deal priced, the company conducted a 1-for-45 reverse stock split.
The closing of the deal had been contingent upon Enova's listing being accepted on the London Stock Exchange's AIM market. That acceptance has been received.
Investec Investment Bank was the placement agent.
Based in Torrance, Calif., Enova makes digital power-control systems for automobile engines. The proceeds will be used to strengthen the company's balance sheet, accelerate research and development expenses, establish the company's sales force, develop marketing channels and expand production capabilities.
| Issuer: | Enova Systems, Inc.
|
| Issue: | Stock
|
| Amount: | $20,223,000
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| Shares: | 5.35 million
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| Price: | $3.78
|
| Warrants: | No
|
| Placement agent: | Investec Investment Bank
|
| Pricing date: | July 19
|
| Settlement date: | July 27
|
| Stock price: | $0.091 at close July 19
|
| Stock price: | $4.35 at close July 27
|
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