Purchase price discounted 5% in agreement with Dutchess Opportunity
By Devika Patel
Knoxville, Tenn., July 31 - Innolog Holdings Corp. arranged a $5 million three-year investment agreement with Dutchess Opportunity Fund, II, LP on July 25, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Dutchess will buy shares over three-years in tranches of up to $100,000 or 200% of the average daily volume of the common stock for the three trading days preceding the put notice.
The purchase price will be 95% of the lowest daily volume-weighted average price of the stock during the five trading days following a put notice.
Dutchess received a $15,000 document preparation fee.
Based in Fairfax, Va., the holding company acquires companies within the government services industry. Its primary subsidiary, Innovative Logistics Techniques, Inc., provides supply chain logistics and information technology solutions to government and civilian agencies.
| Issuer: | Innolog Holdings Corp.
|
| Issue: | Investment agreement
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 5% discount
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund, II, LP
|
| Fees: | $15,000
|
| Pricing date: | July 25
|
| Stock symbol: | OTCBB: INHC
|
| Stock price: | $0.09 at close July 24
|
| Market capitalization: | $1.33 million
|
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