By Sheri Kasprzak
New York, May 3 - HydroGen Corp. will collect $25,775,000 from a private placement with a group of institutions.
The investors agreed to buy 5,155,000 shares of HydroGen at $5.00 each, a 24.2% discount to the company's $6.75 closing stock price May 2.
The deal comes with warrants for 1,289,000 shares, exercisable at $6.60 each for five years.
Piper Jaffray Co. was the placement agent.
HydoGen plans to use the proceeds to expand its commercial demonstration and manufacturing activities.
HydroGen, based in Cleveland, develops multi-megawatt fuel cell systems.
| Issuer: | HydroGen Corp.
|
| Issue: | Stock
|
| Amount: | $25,775,000
|
| Shares: | 5,155,000
|
| Price: | $5.00
|
| Warrants: | For 1,289,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.60
|
| Placement agent: | Piper Jaffray Co.
|
| Announcement date: | May 3
|
| Stock symbol: | OTCBB: HYDG
|
| Stock price: | $6.75 at close May 2
|
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