Company is selling up to 100 million common shares at $0.04 per share
By Devika Patel
Knoxville, Tenn., Aug. 19 – Flux Power Holdings Inc. settled a $400,000 tranche of a $4 million private placement of stock on Aug. 16, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced for $3.1 million on April 28, raised $1.35 million on May 5 and raised $475,000 in June.
The company is selling up to 100 million common shares at $0.04 per share. The price per share is a 20% discount to the $0.05 closing price on April 27.
Flux Power sold 33.75 million shares to Esenjay Investments LLC in the first tranche and 11,875,000 shares in June. In the June tranche, 625,000 shares were issued for the cancellation of $25,000 of debt, which was included in the total $475,000 proceeds. In the Aug. 16 tranche, Esenjay bought another 10 million shares in exchange for the settlement of $400,000 of debt.
The lithium battery and energy storage company is based in Vista, Calif.
| Issuer: | Flux Power Holdings Inc.
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| Issue: | Common shares
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| Amount: | $4 million
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| Shares: | 100 million
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| Price: | $0.04
|
| Warrants: | No
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| Investor: | Esenjay Investments LLC (for $1.75 million)
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| Pricing date: | April 28
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| Settlement dates: | May 5 (for $1.35 million), June (for $475,000), Aug. 16 (for $400,000)
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| Stock symbol: | OTCBB: FLUX
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| Stock price: | $0.05 at close April 27
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| Market capitalization: | $8.29 million
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