Brokered offering conducted by Roth Capital; deal also boasts warrants
By Devika Patel
Knoxville, Tenn., May 28 – HII Technologies, Inc. completed a $3.01 million second tranche of a $5.79 million private placement of 12% series B convertible preferred stock from May 20 to May 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. Roth Capital Partners was the agent for the deal, which priced for $3.05 million on May 12 and raised $2.74 million on May 20.
The company sold 5,785 preferreds at $1,000 apiece. It sold 2,735 preferreds in the first tranche and 3,050 preferreds in the second.
The preferreds are initially convertible into common stock at $0.40 per share, which is a 21.21% premium to the May 11 closing share price of $0.33.
Investors also received warrants for 3,418,750 shares in the first tranche and warrants for 3,812,500 shares in the second tranche. The 7,231,250 five-year warrants are each exercisable at $0.50, which is a 51.52% premium to the May 11 closing share price.
The energy field services company is based in Houston.
| Issuer: | HII Technologies, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $5,785,000
|
| Preferreds: | 5,785
|
| Price: | $1,000
|
| Dividends: | 12%
|
| Conversion price: | $0.40
|
| Warrants: | For 7,231,250 shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.50
|
| Agent: | Roth Capital Partners
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| Pricing date: | May 12
|
| Settlement date: | May 20 (for $2,735,000), May 20 to May 27 (for $3.01 million)
|
| Stock symbol: | OTCBB: HIIT
|
| Stock price: | $0.33 at close May 11
|
| Market capitalization: | $16.04 million
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