Offering of stock negotiated with Auctus Private Equity Fund on May 3
By Devika Patel
Knoxville, Tenn., May 6 - Evcarco, Inc. negotiated a $10 million drawdown equity financing with Auctus Private Equity Fund, LLC on May 3, according to an 8-K filed Friday with the Securities and Exchange Commission.
Auctus has committed to purchase up to $10 million of the company's common stock over three years at 93% of the lowest closing bid price during the five trading days following the company's notice of a planned drawdown.
The maximum amount that may be sold in each tranche is the greater of $250,000 or 200% of the average daily trading volume for the 10 trading days preceding the drawdown notice date.
Based in Fort Worth, Texas, Evcarco is an eco-friendly automotive retail group.
| Issuer: | Evcarco, Inc.
|
| Issue: | Equity line of credit
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| Amount: | $10 million
|
| Tenor: | Three years
|
| Price: | 7% discount to market price
|
| Warrants: | No
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| Investor: | Auctus Private Equity Fund, LLC
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| Settlement date: | May 3
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| Stock symbol: | OTCBB: EVCA
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| Stock price: | $0.02 at close May 3
|
| Market capitalization: | $2.15 million
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