Investor Aspire Capital commits to buy company shares over three years
By Devika Patel
Knoxville, Tenn., Aug. 25 – Liquidmetal Technologies, Inc. negotiated a $30 million three-year common stock purchase agreement with Aspire Capital Fund LLC on Aug. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The investor will buy company shares in tranches of up to 1 million common shares. The stock will be sold at a price equal to the lesser of the lowest sale price of the stock on the purchase date or the arithmetic average of the three lowest closing sale prices for the stock during the 12 trading days preceding the purchase date.
In addition, on any purchase date, the company may present Aspire Capital with a volume-weighted average price purchase notice, directing Aspire Capital to purchase an amount of stock equal to up to 30% of the shares traded on the next trading day. The price per share for such a purchase is generally 95% of the volume-weighted average price for the stock traded on the purchase date.
Based in Rancho Santa Margarita, Calif., Liquidmetal makes industrial coatings from amorphous alloys.
| Issuer: | Liquidmetal Technologies, Inc.
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| Issue: | Common stock purchase agreement
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| Amount: | $30 million
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| Tenor: | Three years
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| Price: | The lesser of the lowest sale price of the stock on the purchase date or the arithmetic average of the three lowest closing sale prices for the stock during the 12 trading days preceding the purchase date
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| Warrants: | No
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| Investor: | Aspire Capital Fund LLC
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| Settlement date: | Aug. 20
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| Stock symbol: | OTCBB: LQMT
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| Stock price: | $0.24 at close Aug. 19
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| Market capitalization: | $111.35 million
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