Shareholders, new investors carve out lock-up terms for public issue
By Susanna Moon
Chicago, Jan. 10 - Feigeda Electronic Technology, Inc. completed a private placement of common shares for $4.6 million on Jan. 4, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 4,606,480 common shares at $1.00 each.
WestPark Capital, Inc. was the placement agent.
The original stockholders and the private placement investors entered into lock-up agreements under which:
• If the proposed public offering that the company plans to conduct is for $5 million or more, the investors and the stockholders would not be able to sell or transfer their shares for at least six months after the public offering's completion;
• If the offering is for less than $5 million, then one-tenth of their shares would be released from the lock-up restrictions 90 days after the offering and there would be a pro rata release of the shares thereafter every 30 days over the following nine months; and
• WestPark may also release some or all of the shares from the lock-up restrictions earlier.
Feigeda designs, produces, markets and sells liquid crystal display and liquid crystal display modules and is based in Shenzhen City, China.
| Issuer: | Feigeda Electronic Technology, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.6 million
|
| Shares: | 4,606,480
|
| Price: | $1.00
|
| Warrants: | No
|
| Agent: | WestPark capital, Inc.
|
| Settlement date: | Jan. 4
|
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