Agreement planned with Kingsbrook, Tech Opportunities and Iroquois
By Devika Patel
Knoxville, Tenn., Nov. 12 - Liquidmetal Technologies, Inc. arranged a $20 million three-year common stock purchase agreement with Kingsbrook Opportunities Master Fund LP, Tech Opportunities LLC, and Iroquois Master Fund Ltd. on Nov. 8, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Each tranche will be limited to 300% of the average trading volume of the stock during the 10 trading days preceding the date the drawdown notice, multiplied by the lower of the closing trade price of the stock on the trading day preceding the drawdown exercise date and the average of the closing trade prices of the stock for the three trading days preceding the drawdown exercise date.
The investors also will receive 2,666,667 shares as a commitment fee.
Based in Lake Forest, Calif., Liquidmetal makes industrial coatings from amorphous alloys.
| Issuer: | Liquidmetal Technologies, Inc.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $20 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Kingsbrook Opportunities Master Fund LP, Tech Opportunities LLC and Iroquois Master Fund Ltd.
|
| Fees: | 2,666,667 shares
|
| Settlement date: | Nov. 8
|
| Stock symbol: | OTCBB: LQMT
|
| Stock price: | $0.16 at close Nov. 7
|
| Market capitalization: | $52.66 million
|
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