Deal, concluded Oct. 20, consists of common stock, four-month warrants
By Devika Patel
Knoxville, Tenn., Oct. 26 - Famous Uncle Al's Hot Dogs & Grille, Inc. sold common stock in a private placement on Oct. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 452,830 common shares at $2.65 apiece for $1.2 million.
The investors also received 150% warrant coverage. Each four-month warrant is exercisable at $2.75, a 3.77% premium to the Oct. 19 closing share price of $2.65.
The restaurant franchise company is based in Danbury, Conn.
| Issuer: | Famous Uncle Al's Hot Dogs & Grille, Inc
|
| Issue: | Common stock
|
| Amount: | $1.2 million
|
| Shares: | 452,830
|
| Price: | $2.65
|
| Warrants: | 150% coverage
|
| Warrant expiration: | Four months
|
| Warrant strike price: | $2.75
|
| Settlement date: | Oct. 20
|
| Stock symbol: | OTCBB: FDOG
|
| Stock price: | $3.00 at close Oct. 20
|
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