Two-year agreement arranged through investor Kodiak Capital Group
By Devika Patel
Knoxville, Tenn., Aug. 24 - AMP Holding Inc. arranged a $7.5 million two-year equity line of credit agreement with Kodiak Capital Group LLC on Aug. 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The shares will be sold at a purchase price equal to 90% of the lowest posted closing bid price of the stock during the five trading days following the put notice.
Kodiak also received 1,875,000 common shares as a commitment fee.
The Loveland, Ohio, company produces electric automobiles.
| Issuer: | AMP Holding Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $7.5 million
|
| Tenor: | Two years
|
| Price: | 10% discount
|
| Warrants: | No
|
| Investor: | Kodiak Capital Group LLC
|
| Fees: | 1,875,000 shares
|
| Settlement date: | Aug. 20
|
| Stock symbol: | OTCBB: AMPD
|
| Stock price: | $0.23 at close Aug. 17
|
| Market capitalization: | $7.78 million
|
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