By Marisa Wong
Milwaukee, Jan. 11 - Hydrogenics Corp. announced that it plans to raise $5 million from a registered direct offering of common stock and warrants with two institutional investors.
Hydrogenics will sell 12.5 million common shares for $0.40 per share.
Investors will also receive warrants for the purchase of one common share for each share purchased.
Of the 12.5 million whole-share warrants, 5,983,886 will be exercisable at any time from the date of issuance through Jan. 14, 2015 at an exercise price of $0.52 per share. The remaining 6,516,114 warrants will be exercisable for a period of five years beginning six months and one day after issuance, also at an exercise price of $0.52 per share.
Each of the warrants contains full-ratchet anti-dilution protection with respect to the exercise price but not the number of shares issuable.
The offering will close on Jan. 14.
Chardan Capital Markets, LLC acted as placement agent.
Based in Mississauga, Ont., Hydrogenics is a developer and provider of hydrogen generation and fuel cell products and services.
| Issuer: | Hydrogenics Corp.
|
| Issue: | Common shares and warrants
|
| Amount: | $5 million
|
| Shares: | 12.5 million
|
| Price: | $0.40
|
| Warrants: | For 12.5 million shares
|
| Warrant expiration: | 5,983,886 exercisable through Jan. 14, 2015; 6,516,114 exercisable for five years from six months and one day after issuance
|
| Warrant strike price: | $0.52
|
| Agent: | Chardan Capital Markets, LLC
|
| Announcement date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Stock symbol: | Nasdaq: HYGS
|
| Stock price: | $0.40 at close Jan. 11
|
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