Offering sells 555,556 units with five-year warrants at $0.45 per unit
By Devika Patel
Knoxville, Tenn., May 1 – HPEV, Inc. completed a $250,000 private placement of units with Lincoln Park Capital Fund, LLC on April 23, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 555,556 units of one common share and one warrant at $0.45 per unit. The warrants are each exercisable at $0.60 until April 23, 2020. The strike price is a 1.7% premium to the April 22 closing share price of $0.59.
Proceeds will be used for general corporate purposes.
The specialty pharmaceutical company is based in Tampa, Fla.
| Issuer: | HPEV, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $250,000
|
| Units: | 555,556
|
| Price: | $0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 23, 2020
|
| Warrant strike price: | $0.60
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Settlement date: | April 23
|
| Stock symbol: | OTCBB: WARM
|
| Stock price: | $0.52 at close April 22
|
| Market capitalization: | $34.34 million
|
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