By Devika Patel
Knoxville, Tenn., April 8 – Envision Solar International, Inc. priced a $10 million public offering of units with a $1.5 million greenshoe, according to an S-1 filed with the Securities and Exchange Commission. The offering was announced on April 5.
The company will sell 1,111,111 units of one common share and one warrant at $9.00 per unit.
Each warrant will be exercisable at $9.45 for five years.
Maxim Group LLC is the bookrunner.
Proceeds will be used to expand the company’s business, to repay a $1.5 million term loan and a $750,000 bridge loan and to repay $319,000 under two convertible notes.
The solar project and technology developer is based in San Diego.
| Issuer: | Envision Solar International, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $10 million, or 1,111,111 units
|
| Greenshoe: | $1.5 million, or 166,666 units
|
| Bookrunner: | Maxim Group LLC
|
| Co-manager: | Joseph Gunnar & Co.
|
| Units: | 1,111,111
|
| Price: | $9.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $9.45
|
| Announcement date: | April 5
|
| Pricing date: | April 8
|
| Stock symbol: | OTCQB: EVSI
|
| Stock price: | $9.00 at close April 3
|
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